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

operationally is directly reflected in our financial performance. At P&L level, our EBITDA is up 7% year-on-year at constant US dollar, euro, and chandra, and constant hyperinflation. This performance was mainly driven by the Caribbean and Africa, with B2M as a key contributor. It is interesting to highlight that at constant euro, US dollar, and hyperinflation versus 2024, Our APDA will have reached 772 million euros, absorbing the 14 million euros headwinds related to the weak US dollar, and lending over our 710, 760 million euro guidance range. Net income growth share is at 19% versus last year, if you exclude the capital gain from Ruby's Terminal, say, in 2024. and this increase reflects the absence of index loads usually paid to local currencies this year. Looking at our balance sheets, our corporate net financial debt amounts to €602 million at the end of December, which represents a leverage of 0.9 times, decreasing by 0.4 times versus last year. Cost of corporate debt stood is currently below 2024 at 5.2%. Last year, it was impacted by high and expensive local debts in Kenya. Carexol is a distribution business increased by €20 million at €185 million. Most of the increase is linked to the new bitumen tanker, which is now at sea and will start its operation during H1-26, as mentioned by some journalists. So that happens in when you would all want it to 190 million euros. This is in line with the trajectory and that photos on day and is illustrated by both the 110 megawatt routine operations in 2025 and the 267 megawatts under construction. They are 85% financed through non-recourse project debts. For the group, the third element of capex spend, excluding the non-recourse debt, reached €217 million versus €183 million in 2024, which represents an increase of 18%. Overall, 2025 reflects strong operating performance, absence of ethics losses related to local currencies, solid cash generation and disciplined investments. Now let's take a closer look at our activities, turning to slide 13. Retail and marketing. Retail and marketing deliver a solid performance across the board, with ABTA increasing by 4%. Let's focus on Africa. Three highlights in Africa. First, the bitumen. Bitumen margins increase less at volume. This is the base effect from Q1 2024, when new ad evaluation impact was passed through to customers. However, the bitumen business was very dynamic this year, with demand resuming in Nigeria after two difficult years. We increased our participation in our on-the-land subsidiary to 95% and now consolidated it globally. We also incorporated a new entity in Nigeria, as Joffrey mentioned earlier. Second level in Africa is retail. Retail is contributing well and the impact of the new pricing formula in Kenya is now showing the margins. Third one, aviation. Aviation is more volatile and is facing higher pricing competition, leading us to reduce our volume for the moment. Let's have a look now at the Caribbean. The Caribbean region was dynamic. The region contribution is impacted by hyperinflation. Hyperinflation had a less positive impact on EBITDA this year by 17 million euros. Excluding this impact, EBITDA for the Caribbean increased by 15 million euros, and it was driven by Haiti, where the measures we have taken in our logistic management are proving efficient, by Wales, But he does want a significant C&A contract for power generation, which both are volumes, but is slightly indicative on the market. And GENERATE. GENERATE also performed well, despite supply conditions slightly less favorable than last year. So considering the impact of the weak UAC inter-region, this performance is particularly good this year. In Europe, the momentum was strong and illustrates the increasing demand for autogas and a gain of market share in a market on which we are challengers. Support and services remain stable, which is normal as the segment usually faces with our retail and marketing activities. Already we have electricity production. Our NBDA stands at 47 million euros. This is about 32% year-on-year. In the 90s, our web map, our development expenses have increased, reflecting the acceleration of the growth of this business, resulting in a consolidated NBDA of 23 billion euros. Overall, this confirms the strength of our province and geography diversification. Moving now to the T&L on site 14. Net income growth share is up 19% if you exclude Rebis Terminale Rating Gain from 2024. This is the result of our strong operating performance together with the less expensive local debts, loans and reduced ethics losses related to locations. EBIT is slightly down versus last year. In fact, it notably makes the new plants commissioned by Photosol and the effect of hydroponification. Interest costs are done thanks to lower cost of death in Kenya. As you know, last year, rubies recorded significant death in sources, particularly in Kenya and Nigeria. Local differences were more stable. so we didn't incur any ethics losses in 2025. As for passes, nothing major to fly. The OECD Global Minimum Tax is now fully integrated in our normal road roads. Overall, Rudy's demonstrated agility and delivers solid financial results, showing scheduling ratio. Finally, a word on our financial debt on slide 15. The net debt stands at 1.2 million euros, with corporate debt at 602 million euros, maintaining a low leverage of 0.9 at corporate level. Our liquidity level is high, with more than 450 million euros under FCF, in addition to our 760 million euro cash and balance sheets. The main variation in 2025 came from a record operating cash flow of 735 million euros, which is up 10%, replicating the good operating performance combined with the absence of FX losses. The 34 million euro positive impact from change in working capital as in 2024 in the context of low of prices. self-financed capex of 270 million euros, which you can see in the dark pink on the graph, and total capex reaching 376 million euros. And our usual German dividends, which will be paid to shareholders, but also to minority interests and general partners. The third installment proceeds following the sale of Forbis Terminal, Two installments remain and will be received in 2027 and 2028 for 86 million euros each. Non-recourse debt reaches 564 million euros at your end. The increase between 2024 and 2025 is in line with the renewable investment net of SBE debt amortization. Thank you very much. So behind these members, there is a model.

and that's what I would like to briefly highlight with Jean-Christophe before we move to our ambitions. PEBI is a leading distributor of energy and mobility solutions with strong position in Africa, the Caribbean and Western Europe. What makes us different is not only our footprints but the way we operate. First, we master the whole value chain from sourcing to storage and distribution he uses control, flexibility and reliability in markets where supplier continuity is critical. Second, we build on the ground expertise and proximity to our customers. Our teams operate locally, understand market specificities and adapt quickly to changing environments. Third, We are advancing sustainability and decarbonation for our own operations and for our clients. And finally, we continuously capture opportunities across energy segments and mobility services, from fuels and LPG to bitumen, renewables and retail. these trends form the foundation of our ambitions for the years ahead. Importantly, they are combined with favorable structural trends across our geographies. Our growth ambitions are rooted in clear long-term demand dynamics.

So, Jean-Christophe, over to you. Thank you, Klaus. Let me now briefly share how we see demand evolving across the regions where we operate. In the Caribbean, the steady increase in tourist flows supports both energy demand and airline traffic, which naturally benefits to fuel distribution activities and aviation sales. In Europe, electrification is gaining momentum. Supported by public policies, regulatory frameworks, this trend further strengthens the relevance of our renewable platform, mainly in solar development. In Africa, the main drivers remain urbanization and strong demographic growth. We can see expanded cities, growing mobility needs, and ongoing infrastructure development. And that will contribute to sustained demand for fuels, energy, and . We are also seeing strong growth in convenience retail, especially in Africa and the Caribbean. As consumer habits evolve and retail markets remain fragmented, this creates opportunities to expand proximity services within service station networks. More and more, these stations are becoming true virtual service hubs for everyday needs, with a positive impact not only on what we call non-fuel revenues, but also on fuel sets. So all together these dynamics show that our strategy is aligned with clear and long-term demand trends across our core geographies. This slide shows how we build growth from our historical trends. On the left-hand side, you see our legacy businesses. Fuel, LPG, Renewable in Europe, Europe and Benjamin in Africa. These activities form the backbone of Rubis. They provide scale, infrastructure, strong local positions and resilient cash generation. But what now matters is how we leverage these trends to unlock new drivers, of course. and this is what you can see on the right-hand side of the chart. Our strong positions and brand equity in Africa and the Caribbean give us a solid platform to further expand our retail activities. In particular, we focus on two key levers that generate additional income and trade value. The first one, the development of non-fuel activities across our service station network. We are taking here, we're looking here restaurants and older services that closely match customer expectations when they start at our service stations. Second, leveraging our strong forecourt presence to further grow lubricants and LPG cells within our service stations. And the same logic applies to renewables. We are moving from solar projects in Europe to supporting energy transition in Africa and the Caribbean, with social tailor to local markets. Adr

through strong organic performance, building market share, improving execution and strengthening our positions where we already operate. At the same time, we remain attentive to external opportunities as we have always done. When we invest, we do so selectively in businesses that complement our portfolio and create long-term run. And throughout this process, We remain rigorous in how we allocate capital, ensuring strong returns, controlled risk, and a solid balance sheet. This balanced approach allows us to grow, diversify, and capture new opportunities while maintaining resilience in a volatile environment. With the framework, let me now tell you how sustainability supports and strengthens Our growth ambitions, financial discipline, sustainability ambitions and strategic priorities all require consistent execution across our markets. Sustainability is fundamental to how we think about our future. At Rubis, sustainability is not an isolated initiative. Since our first roadmap in 2022, it has structured the way we approach our responsibilities and long-term commitments. It supports our ambitions by reinforcing local accountability, measurable impact and long-term consistency. It provides a framework that helps translate strategy into action, country by country, business by business. This is how we ensure that our ambitions are implemented in a responsible and consistent way. With that, I will now give the floor to Sophie to present our renewed sustainability roadmap.

Thank you Clarissa. Indeed, sustainability supports and reinforces our ambitions. Our robust approach to sustainability is a component of our operational excellence. In concrete terms, this company contributes to making us more relevant to our customers, particularly by offering them a wider range of lower carbon products and services, to making us a more attractive employer, and to making us more efficient by managing our risks and our costs.

Let's move on to the next flyer to discover our renewed roadmap.

Think Tomorrow 2030 is part of a logic of evolution and continuity. It builds on the first roadmap, launched in 2022, which laid the foundations of its second roadmap. This roadmap enabled us to set clear objectives, engage all our business units, and structure our actions to deliver sustainable performance. The review of this period highlights a significant achievement of the set objectives, reflecting the collective mobilization of the teams. In a spirit of continuity and heightened ambition, certain key objectives are being renewed or further developed, such as safety objectives, within the new roadmap, in order to continue the progress already underway and to support the group's transformation in the face of environmental and societal challenges. Our new roadmap represents a new step in structuring and formalizing our commitments toward 2030. It is important to mention that it was built in collaboration with our colleagues in the field. So it is organized around four pillars, climate, environment, social and society. The main evolutions compared to our previous roadmap are first formalizing a standalone climate pillar. Climate was obviously over-integrating into our first roadmap in the environmental pillar, but it now stands as a dedicated pillar, reflecting the increasing importance of energy transition and decarbonization across our activities. The second evolution is the establishment of a closer link with business. In particular, by integrating targets of the development of low-carbon products to complement our existing offers and the development of clean-up-within solutions in Africa. The three other PILAs, Environment, Social and Society, continue to guide how we manage our impact, support our teams, and contribute to the territories where we operate. Together, these four pillars provide a coherent and operational framework aligned with our strategy and NDE in our really local model. So let me now illustrate this framework with four concrete commitments out of the 16 as highlighted on slide 26. First, on climate, we are still committed to reducing operational emissions by accelerating diversification towards low-carbon activities. with an ambition to multiply our low-carbon EBDA by 5 by 2030. By low-carbon EBDA, we mean biofuels and solar electricity and services related to these products. Second, on environment, we are committed to conducting a biodiversity assessment on all our industrial sites and solar parks located near a sensitive area with a view to implementing appropriate action plans. Adr Adr Adr Adr Adr To find out more, all the 16 commitments are displayed with definitions and deadlines on our website. Thank you for your attention. I will now give the floor to Claire's inclusive presentation.

So let me wrap up before opening the floor to Q&A. First, so we saw a very strong commercial on the writing platform this year. Adr Adr Adr Adr Adr Adr Adr So despite the current context in the Middle East, and I'm sure we'll come back on it, which in fact remains contained as a stage for 2026, we anticipate that the Caribbean will continue to perform well, in particular with the recovery of Haiti, as Jean-Christian told, the strong dynamism of Jamaica, Guyana and Barbados, In Africa, retail should continue to be one of the key drivers of performance, together with bitumen. In Europe, we have just entered and launched our bitumen operations in Hamburg. So we are very happy of this development, but just keep in mind that for 2026, it will be a transition year. and the renewable electricity in Europe should continue to develop as planned. So all in all, with a healthy balance sheet and a stable leverage ratio, we are aiming at a 740 to 790 million euro EPDA within the framework of the assumptions just described. So I think that's all for the presentation. So thank you a lot for your attention. and we are grateful for taking your questions.

Thank you. If you wish to ask a question, please request to speak via the blue icon or type a question in the chat box.

This question is from Auguste Doris at KPR Chauveur. Given the excellent economics of the vitamin business, why not make an arbitrage and invest less in renewables to focus on this very promising activity that is more in line with your historical business model?

Auguste, you know, the question is not really a matter of arbitrage, but it's a matter of opportunity. As you know, our renewable business is financed at 85% from non-recourse debt and it does not hamper our ability to invest in the distribution business. And actually this is reflected, as you can see, in our leverage as it is below 1 today.

On the top of that, I can add that we have taken many possible opportunities in Africa. We have done some significant moves in 2025 and in 2026, as I said, we are entering now to Europe and we expect some significant growth in Europe. So, these are, as you say, Marc, just a combination of two growing businesses and we take the opportunities to grow both of them.

So, in between, we have two questions from Guilherme. Can you confirm the reasons why the growth of the gross margin and the business activity is not in line with that of revenues, 28% revenues and 80% of gross margin? And the second one is about the leading market. What are the risk and opportunities? Who are the customers? Are they local contractors or non-local international?

The revenues relate to the price of the product we sell. and the margins. This generates some volatility in our revenues that are totally de-correlated from our performance. So we encourage you to really focus on our margins and EBITDA if you want to understand

As far as India is concerned, it was a good opportunity because we managed to acquire the only importation depot that does exist in India. The market is quite significant. We are talking about 200,000 tons plus. It's a growing market. So far, we are just supplying the market to our depot. The customers are coming to the terminal. They are offloading. They are taking the product from our terminal. So we don't have any trucks moving on the roads. We don't have any significant inland operations. So we are quite confident that it will be a good addition to our instrument in Africa. using the supply chain that is making our success the West Coast of Africa. So just a positive addition. And once again, we don't see risk. We see opportunity to do business.

Well, I have two questions from John at CICCAV about the situation in the Middle East and the impacts on the supply chain, on the business, and in particular in East Africa.

But we so far because I think I don't do quite rapidly so far. We don't see any negative impacts In most of the markets where we operate we are not concerned by the situation in the Middle East as we mentioned East Africa can also add to its Africa operations in London and the Madagascar and So far, all the supply chain has been moved to Singapore, so we are getting the product from Singapore. It's very smooth and we are not facing any specific issue with that change of supply chain. So I would say so far, so good. So we don't see, once again, any negative impact so far in our businesses for Rubis and Archibald.

We have two questions that are linked from Moral and Alizia. Should we expect a negative working capital effect due to the spike in fruit prices? Should we expect a short-term squeeze in unit margins? And we'll go back to the capital service.

Changing the working capital vary depending on inventory level, terrain mainly, depending on oil price evolution. So in the particular context of oil price going up, of course, the working capital will be higher.

In terms of a unit margins market what we can say we are operating in many many markets where the markets are being regulated by government so we don't see any positive or negative impact just because once again models are being regulated by by authorities where the market is deregulated by to us and to our proximity with our customers to extend to them that the press is increasing and we need to increase the price according you so we expect to protect our margin and once again we don't see any major impact major risk with that increase of our price by the way we came across the same situation in 2022 and don't forget that the kind of level we are observing today was also the same in 2022 and we managed and there was no significant feedback Adr Adr Adr Adr Adr

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Adr Adr Adr Adr Adr It also implies, from 2026, 2027 and 2028, a moderation of near-term solar deployment in France, but it preserves a clear and robust long-term growth strategy to 2035, for instance. So in the short term, this environment favors, we think that, which favor experienced developers with high quality, well-executive projects, and our pipeline, the Photosol pipeline, remains fully aligned with these long-term objectives. Looking ahead, the plan supports sustained growth in decarbonized electricity, increasing demand for flexible and grid-compatible solar assets, and future abstract from storage and system services. so to manage short-term variability and supernova pass toward 2027 in the database we have also taken mitigation actions notably international diversification and a more selective discipline approach to new project index focus on quality returns and visibility so we have talked to differ about our development in italy so we have a a team with 15 people. We have 42 megawatts that will be operational at the end of 2026, 40 more in 2027. We have a pipeline that is incremental with also storage projects, and we have quite a big secure pipeline in France. so and we have proved that we can convert in permitted priced and operational since all those years so the results for 2025 are good the plan for 2026 is following what we have what we have announced in the photos on there so for now we are not we are not worried at all

and a good question from uh about uh going back to hyper prices have you seen some countries starting to think about capping from prices not yet uh not yet for sure it might happen if the situation continues like that but once again uh to cap the price it means that the prices are regulated so no impact on my margins it could even be a good news because if they cut the price it means that the demand will be remaining solid because the cost of accessing the product for end customers will be more reasonable. So we don't see that today and we don't see that in the long term as an issue if some governments decide to cut the price.

A question from Nicolas, what are your thoughts about the cash proceeds from the sale of Ritaminale? How much are you expecting in 2026 and beyond?

Nicolas, we are expecting two installments, one in 2026, one in 2027, of 86 million euros each.

How much of the €233 million dividend cash out is related to the statutory dividend to general partners? The amount is €11 million, so related to 2024 and 2025.

Thank you. So a question from Nicola asking about the net income of Rubis Photosol. The net income group share of Rubis Photosol amounted in Adr Adr Adr Adr Adr Adr

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