This article first appeared on GuruFocus .
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EBITDA:EUR434 million, up 18% year-on-year.
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Net Income (Group Share):EUR191 million, up 17% year-on-year.
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Cash Flow from Operating Activities:EUR159 million, impacted by higher working capital requirements and the EUR64 million Corsica fine payment.
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Adjusted Free Cash Flow:EUR75 million, net of Photosol non-recourse financing and excluding the Corsica fine.
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Corporate Leverage:1.3 times EBITDA at the end of June 2026.
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Corporate Net Financial Debt:EUR885 million, representing 2 times EBITDA.
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Energy Distribution Volumes:Up 9%.
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Energy Distribution Gross Margin:Up 16%.
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LPG Volumes:Up 1%, with gross margin up 9%.
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Fuels Volumes:Up 6%, with gross margin up 13%.
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Bitumen Volumes:Up 44%, with gross margin up 54%.
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Photosol Secured Portfolio:1.5 GWp, up 22% year-on-year.
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Photosol Power EBITDA:Up 13% to EUR25 million.
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Renewable Electricity Production:Increased by 42%.
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2026 EBITDA Guidance:Upgraded to a range of EUR775 million to EUR825 million.
Release Date: September 08, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Rubis SCA ( RBSFY ) delivered robust H1 2026 results with EBITDA up 18% to EUR434 million and net income group share up 17% to EUR191 million, demonstrating strong operational execution.
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Energy distribution volumes grew 9% and gross margin increased 16%, driven by a favorable business mix, pricing discipline, and efficient inventory management despite volatile oil prices.
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The company upgraded its 2026 EBITDA guidance to EUR775-825 million, reflecting confidence in its operating trajectory and positive outlook for the remainder of the year.
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Photosol reached a key milestone with the startup of the 200 MWp Creil solar plant, boosting assets in operation by 32% and electricity production by 28%, while the secured portfolio grew 22% to 1.5 GWp.
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Bitumen volumes surged 44% and gross margin rose 54%, supported by strong demand in Africa and successful expansion into Europe, with positive customer feedback reinforcing long-term prospects.
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The balance sheet remains healthy with corporate leverage at 1.3x EBITDA, and the company maintains financial flexibility with EUR333 million undrawn credit facility for future growth opportunities.
Negative Points
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Cash flow from operating activities decreased to EUR223 million, impacted by higher working capital needs due to rising oil prices and the EUR64 million Corsica fine payment.
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Unit margins in the Caribbean were pressured by a weaker US dollar and pricing competition in Guyana and Jamaica, with state oil companies impacting pump prices.
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In Europe, retail margins suffered from aggressive pricing by TotalEnergies in Corsica, negatively affecting both volumes and margins with no clear indication of change.
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Bitumen demand in Nigeria is expected to remain under pressure in H2 2026, with project slowdowns and election-related uncertainty impacting volumes, though profitability remains steady.
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Photosol's power EBITDA growth lagged production due to the Creil plant's extended testing phase, where a portion of output was sold at lower spot prices rather than contract tariffs.
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The company faces potential demand risks from high oil prices and elevated refining margins, which could negatively impact end-customer pricing and petroleum product demand.
Q & A Highlights
Q: Can you elaborate on the drivers behind the H1 2026 gross margin improvement, distinguishing between structural factors and temporary inventory gains linked to oil price volatility? A: Jean-Christian Bergeron (CEO of Rubis Energie) stated the improvement is definitely structural, citing positive margin evolution in East Africa following the Kenyan government's commitment to support the industry by increasing unit margins, as well as positive news in Zambia. He noted that for retail activities, which operate under a regulated framework, inventory effects are largely neutralized by the pricing structure, minimizing temporary gains from oil price volatility.
Q: What is the outlook for working capital evolution in H2 2026 based on current oil prices, and how did the Corsica fine impact the cash flow statement? A: Marc Jacquot (CFO) explained that the H1 working capital increase was primarily driven by higher oil product prices rather than volumes. For H2, if the barrel stays at $100, there could be a further slightly negative impact; if it returns to $90, working capital should be flat; and if it declines, it will have a positive impact. He also reminded that the cash flow statement includes the EUR64 million Corsica fine payment, which is a non-recurring item.
Q: Can you provide more color on the situation in Nigeria for the bitumen business in H2 2026? A: Jean-Christian Bergeron (CEO of Rubis Energie) acknowledged a tough volume environment in Nigeria for the first half, with a similar trend expected in H2, partly due to upcoming elections creating uncertainty and project slowdowns. However, he emphasized that despite lower volumes, unit margins remain very positive, so the P&L impact will not be visible in 2026, and the long-term outlook remains unconcerning.
Q: Is the 2027 EBITDA roadmap for Photosol still realistic, and why did power EBITDA not increase in line with production in H1? A: Marc Jacquot (CFO) confirmed confidence in Photosol's 2027 EBITDA target, noting projects take up to seven years to build, providing good visibility. He explained the discrepancy between power EBITDA and production is linked to the Creil project, which was commissioned progressively and underwent an extended testing phase, during which a meaningful part of production was sold at relatively low spot prices rather than under higher contract tariffs.
Q: What are the main moving parts behind the lower unit margins in retail and marketing in Europe and the Caribbean, and what should we expect for H2? A: Jean-Christian Bergeron (CEO of Rubis Energie) attributed the European margin decline to Corsica, where TotalEnergies' aggressive pricing policy is negatively impacting both margins and volumes. In the Caribbean, pricing pressure in Guyana and Jamaica stems from state oil companies impacting pump prices, forcing Rubis to reduce prices to protect volumes. He stated the company remains cautious for H2, preferring to assume the more difficult situation will continue.
Q: What is the expected level of CapEx for 2026, and does the decline in Photosol CapEx reflect lower activity in the French market? A: Marc Jacquot (CFO) stated that Rubis Energie's normative CapEx is between EUR180 million and EUR200 million, and the company will be in that range. For Photosol, the lower H1 CapEx mainly reflects the phasing of construction projects rather than a change in development, with H2 expected to be higher than H1. He added that the CapEx program is being pragmatically adjusted to account for the political environment in France.
Q: How sensitive is the group to interest rate evolution, and what is the current hedging position? A: Marc Jacquot (CFO) stated that the impact of interest rate changes is limited because the group's leverage and debt base are quite low. Furthermore, approximately two-thirds of the group's debt is covered through swaps or tunnels, providing additional protection against rate fluctuations.
Q: What are the impacts of changes in refining margins and inflation on the business? A: Jean-Christian Bergeron (CEO of Rubis Energie) clarified that the group only has the SARA refinery, where net income is guaranteed by the French government, so there is no direct margin impact. However, he noted that high refining margins worldwide increase end-customer prices, which could potentially negatively affect demand for petroleum products, a factor already anticipated in the company's guidance.
Q: What is the impact of EUR/USD exchange rate changes on the group's global business? A: Marc Jacquot (CFO) explained that 40% of group EBITDA is exposed to EUR, while 60% is exposed to USD. As a rule of thumb, a one-cent change in the EUR/USD rate creates a EUR3 million variation in EBITDA, providing a useful metric for modeling translation effects.
Q: Is there any sizable M&A deal under consideration, and what are the potential areas of interest? A: Clarisse Gobin-Swiecznik (Managing Partner) stated that M&A will be a question of opportunity, match with existing business, and valuation. The company has the agility, capacity, and liquidity to seize opportunities. Potential areas of interest include independent players in LPG or fuels in Africa or the Caribbean, opportunities in Europe with synergies to existing business, and expansion in bitumen, similar to the recent European entry.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
