Rubis Adr

welcome to the ruby's first quarter 2026 trading update presentation for the first part of the conference call participants will be in listen only mode however during the questions and answer 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 good evening ladies and gentlemen thanks for joining us today for ruby's q1 2026 trading updates

Adr Adr Adr Adr Adr Adr Adr Adr Adr Adr This quarter was one of very strong operating performance again. The energy distribution business saw strong growth both on volumes and margins in all geographies. The volumes increased by 12% driven notably by aviation fuel and CNI in the Caribbean and bitumen in Africa and Europe. Overall unit margins were roughly stable at plus 1% versus previous year. And we observed three coherent months. March is in the continuity of January and February. However, we have seen over the last weeks of Q1 a few precautionary purchasing behaviors here and there, but nothing significant. Since January, we launched our vitamin business in Europe, which is performing well. In the renewable electricity production, our development continues in line with plants, with an increase of the sector portfolio of 6% versus December 2025, and 32% over a year, which is quite encouraging for the rest of the year. The CAI project, which is the second biggest PV plant in France, is expected to be fully commissioned by the end of Q2. One important fact also to underline is that none of our business is directly negatively impacted by the war in the Middle East. I remind you that we have no operation in the region. Our supply is managed at regional level and in the only region where we operate, which could be at risk, which is East Africa, supply is under directly by local governments. However, we are monitoring the situation in an agile and local way and are confident about our ability to navigate this volatile context. So all those elements make us confident about 2026 and we reaffirm our guidance. I'm now handing the floor to GCV to go into further details of the activity.

Thank you Marc, good morning to all of you. As I mentioned by Marc, and you can see that on the slide, is only increased by 12%, while the growth margin grew by 30%. So all business lines contributed positively with a particular mention for our bitumen activities. By the way, our bitumen activities following a strong 2025 continue to deliver excellent performance in both volume and margin. Now, what are the key drivers of this performance? First of all, MPG. MPG plus 5% review and plus 9% gross margin. Activity was quite strong in Europe across all segments, by segments we mean bulk, cylinders, notably, with Switzerland leading, driven by a very robust is getting better now, and Autogas remains a key growth driver, especially in France and Spain. In Africa, performance was quite solid, especially in South Africa, where the cylinder segment drove most of the growth during the quarter. As far as Shul is concerned, as you can see, plus 10% volume plus 8% growth margin. Despite strong volume growth, we need to acknowledge that growth margin increased at a slower pace, reflecting a slight decline in unique margin. This is obviously mainly driven by the month of March. where the Middle East crisis and rising international crisis led to continued price pressure across many oracle activities on the beach across RCMI commercial industrial activities. In the Caribbean, very dynamic activity although margins were impacted by an unfavorable translation. Return performance was extremely strong in both Africa, particularly Kenya, by the way, and the Caribbean, with like the Guyana showing a very, very robust demand. The commercial and industrial segment CNI has also performed extremely well, mainly driven by IT and cleaner. Last but not least, the aviation business was extremely strong in the Caribbean, especially in Barbados, Bahamas, mainly due to the peak tourism season over there. And in Kenya, as you recall, this is a very competitive, highly competitive market, and we are not fighting too much to keep the volumes because it would Adr Adr Adr Bitumen, we talked a lot about bitumen, it's again one of the main achievements for the first quarter of 2026. You can see impressive numbers, plus 44% volume, plus 49% growth margin. So overall bitumen volumes increased by 44% driven by both the rapid of our European operations. You do recall that we started operations in Antwerp, Belgium on the 1st of Jan and we are now quite on the right mode to deliver the targets that we set to ourselves. And obviously we have also a continued expansion in Africa where in Africa only volumes grew by 80%. So, again, the quarter marks the launch of our business activities in Europe, Antwerp, with a very encouraging start that reinforces our confidence in the future of the business in Europe. In Africa also, by the way, the performance remained strong, notably in Nigeria, but not only, most of the countries continued was also driven by our entry into India last year and the increase in our state in Angola. Remember we moved from 35 to 95% equity in Angola. Gross margin increased quite significantly as I said, 49% year on year with I would say contribution across all countries. and unit margins remaining quite at high level throughout the quarter. Small comment on Q4 on services. You can see a small decline by 7% of revenue. It's not at all an issue. It's even a positive number because Adr Adr Adr Adr Adr should be worried about. So now let's turn to this photos on. So again, the news, the secure portfolio, which 1.5 gigawatts up 6% versus the last year and the last year and 32% year on year. So revenue amounted to 12 million euros compared to 11 million euros last year. So it's a plus in the commissioning of new solar farms. So now if we move on to the 2026 outlook. As you can see, Q1 performance for 2026 was fully in line with the outlook we provided to you at the time of our full year results. And once again, it definitely highlights the strengths of our multi-country, multi-product strategy under PIN. by strong operational execution and confirming the agility of the Rubis business model. So despite the current context in the Middle East, which has had no significant impact on our business so far, we expect in 2026 the Caribbean to remain well-oriented, supported in particular by the ongoing recovery in Haiti, the continued storm momentum in Jamaica, Guyana, Barbados, as well as I said before, the strong global momentum in aviation in the Caribbean. In Africa, the retail business should remain the key driver of performance alongside bitumen and more and more lubricants. We can see lubricants more and more in Africa. and it's encouraging. LPG is also performing strongly and renewable electricity continues to develop.

So you understand from Jean-Christian that we are confident to confirm we are aiming at 740 to 790 million euros EPITDA. Adr Adr Adr Adr Adr Adr So we have a few questions. So first question from . Are there any large countries that have decided to cut fuel prices, resulting in the at a loss?

Thank you, Emmanuel. Global speaking we didn't face so far any tough situations as far as capping of prices is concerned so we have the usual countries Kenya is capping the price but once again it has no impact in terms of margins because the fact of capping the prices is just putting the the government of Kenya for instance under the subsidies that they have to pay us so eventually it might have a slight impact on our financing costs but not absolutely not in terms of youth margin and by the way it's not a bad it's not necessarily a bad scenario because when you have a capping process being in place it means that for customers So I would say it's positive and negative at the same time, positive because it maintains quite a high demand, and a bit negative because it might increase our financing cost if governments are not paying attention to the subsidy. So we have Kenya and Ghana a bit, but I think we are back to normal now. And more or less it was quite okay, but once again you need to understand also that the impacts in terms of pricing will be more in April and not in March. Why? Because there's always a lag effect and when the international prices are high or they are increasing like we saw it in March, the impact is more due to stock effect, due to the pricing formula that we have Adr Adr Adr Adr Adr Adr Adr Adr Adr Adr Adr Nothing dramatic as such, but for sure, the volumes that we saw in March may be a bit less in April, and in terms of unit margin, so far, we don't have any significant issues. So, let's see. It's a bit early to comment on April, but April should be obviously a bit below margin in terms of volumes and margin.

And then you're also, what should we make of being in your remarks? Can you confirm that you are exploring opportunities for significant acquisitions? Um, so I've mentioned previously, I mean, as a group remains attentive to any opportunities that would make a strategic sense and set the economic interests of the shareholders. Um, You know we have the leverage and the fire power to make acquisitions and this is our target to continue to expand. And as usual, of course, if any potential option we consider or anything become concrete, who would, of course, share it with you, as we always do. Jean-Luc Romain, could you please give us details about volumes and profitability in Haiti? How does it compare to what Rebus would consider a normal situation in Haiti?

Thank you, Jean-Luc. In Haiti, two things need to be mentioned. First of all, There is, since a couple of months, a rebound in the demand in the country. The situation has improved a bit. The situation in terms of security is now better under control, so we can see that the business activities, economic activities are but back to normal that are slightly improving so we are benefiting from that rebound in terms of demand and also we are benefiting from the fact that we set up a Adr Adr Adr Adr Adr Adr Adr Adr to increase our volumes. So that is the main reason why now IT is on a good move. You have seen that the UN is also keen to fights the gangs that are missing in the country. They have set up a gang suppression force and already I think a thousand soldiers from Chad have reached the country and more are to come. They are talking about five to six thousand troops that should be going to Haiti in order to bring the situation more in a safer condition. So we are quite hopeful. Obviously, we are monitoring that there today. But so far, 2025 was better. First quarter of 26 is also better. And we are quite confident that we should continue to recover in it is a positive, positive difference of that.

So you can also question And the load factor for Photosol in Q1, telling actually the 119 GWh power production in Q1 implied a low load factor. Actually, the load factor in France this year was the same as last year at the same time. the difference you see and the match is not perfect in terms of growth just because actually we commissioned new plants at the end of the quarter so it's not directly you cannot calculate directly the load factor but the load factor was the same this year than last year in Q1 One question from Huber Maté. At the blockage of the almost trade book to ruby some business in bitumen that can be considered as a windfall effect. If so, when things normalize, hopefully, what are the odds that ruby can give that opportunity to gain market share?

Thank you, Huber, and good morning. It's a good question. We don't have so far in the I think first of all our product is coming from the Middle East region so we are quite safe in terms of reliability of supply so I think the good momentum we have is really driven by a bit in Belgium with some Adr Adr Adr Adr Adr Adr Adr Adr So that is what gives us the confidence that the business will continue to grow and that's also why we decided to enter into Europe once again in a highly competitive market because we feel that we have the strength to grow market share in that highly competitive but once again it's really a big market. Results are not, I would say, controversial. They are definitely structural and we are very happy with our business and we will do everything possible to continue to grow the business.

We have another question from Christophe Descamps. Why is the renewable pipeline decreasing by 5% in Q1 versus 2025? Actually, here you have two effects. The first one, actually, is you have some projects going from development to secure portfolio, and you know that the secure portfolio increased by 32% versus last year. And so this decrease is good news. And also, you know, with the PP3 announcements, as mentioned last year, the ambition in France decreased a little bit, so we decided to be more selective, more picky in the projects entering in the pipe. So the reason of a new project entering the pipe would be lower.

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It seems that we have nothing more questions so we thank you for your attention and feel free to contact Clemence of course if you have any additional questions. and our next events are our shareholders meeting on June the 10th and H1 will be published on September the 8th. Also, we have some government roadshows occurring now, and so you can download the presentation on our website if you want to have more information about our governments. Thanks again for your attention.

Thank you.