1. EBITDA increased to €369m, a 3% year-on-year growth. 2. Net income rose to €163m, reflecting 26% annual growth. 3. Steady cash flow stands at €276m compared to €286m last year. 4. Corporate net debt to EBITDA stable at 1.4x, showing balance sheet resilience. 5. 2025 guidance remains intact despite currency volatility concerns.
The strong financial performance and stable debt metrics indicate robust health, similar to prior positive trends in sectors undergoing recovery.
The article reflects strong earnings which typically lead to positive market sentiment and could uplift tailored investments in PARIS:RUI stock.
Sustained growth in EBITDA and net income suggests long-term stability and growth potential, supported by a strategic focus on diversified markets.
Paris, 09 September 2025, 5:45pm
H1 2025 KEY FIGURES4
| (in million euros) | H1 2025 | H1 2024 | Variation |
| Revenue | 3,275 | 3,339 | -2% |
| EBITDA | 369 | 358 | 3% |
| Net income, Group share | 163 | 130 | 26% |
| EPS (diluted), in euros | 1.58 | 1.25 | 26% |
| Cash flow from operations | 276 | 286 | -3% |
| Corporate NFD/EBITDA2 | 1.4x | 1.6x | |
| Net Financial Debt (NFD)/EBITDA3 | 2.1x | 2.1x | |
On 9 September 2025, Clarisse Gobin-Swiecznik, Managing Partner, commented: "In the first half of 2025, Rubis delivered a robust performance in a market environment that remains volatile. The growth in both EBITDA and net income reflects the relevance of our diversified business model and growth strategy, making us strong amid macroeconomic and currency volatility. Steady cash flow generation underlines the soundness of our operations, enabling us to continue our disciplined investments. With a healthy balance sheet and a stable leverage ratio, we move into the second half of the year with confidence, reaffirming our 2025 guidance while remaining attentive to macroeconomic and geopolitical developments."
H1 2025 FINANCIAL PERFORMANCE
CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2025
| (in million euros) | H1 2025 | H1 2024 | Variation |
| Revenue | 3,275 | 3,339 | -2% |
| EBITDA | 369 | 358 | 3% |
| o/w Energy Distribution | 379 | 371 | 2% |
| o/w Renewable Electricity Production | 10 | 11 | -5% |
| EBIT | 253 | 257 | -2% |
| o/w Energy Distribution | 281 | 284 | -1% |
| o/w Renewable Electricity Production | -6 | -3 | 106% |
| Net income, Group share | 163 | 130 | 26% |
| EPS (diluted), in euros | 1.58 | 1.25 | 26% |
| Cash flow from operating activities | 276 | 286 | -3% |
| Capital expenditure | 164 | 103 | 59% |
| o/w Energy Distribution | 73 | 68 | 7% |
| o/w Renewable Electricity Production | 91 | 35 | 163% |
H1 2025 saw a +3% increase in EBITDA to €369m (0% on a comparable basis). EBIT reached €253m (-2% yoy, -5% on a comparable basis), reflecting an overall stable level of activity in a volatile market environment. Product and geographical diversification proved efficient, driving volume growth.
At Group level, cost of net financial debt reached €32m from €44m in H1 2024, driven by decreasing interest rates, notably in Kenya despite a higher debt at Photosol in line with its expanded operational capacity. Other financial items reached -€2m in H1, from -€33m in H1 2024, reflecting more stable currencies and robust FX management since 2024, particularly in Kenya and Nigeria.
Profit before tax increased by 21% to €216m and Net income Group share rose by 26% to €163m. This improvement is mainly driven by the significant decrease in FX losses.
Taxes reached €50m in H1 2025 vs €45m in H1 2024, in line with the increase in profit before tax and include a OECD Global Minimum tax component of €13m.
The strong cash flow from operating activities at €276m, slightly down from H1 2024 (-3%), illustrates the strength of operations.
Capex reached €164m, of which €91m were dedicated to Renewable Electricity Production (up from €35m in H1 2024). The remaining €73m are split between maintenance (80%) and growth and energy transition investments (20%) in the Energy Distribution business line.
Impact of IAS 29: Hyperinflation (non-cash impacts)
Rubis has applied IAS 29 in hyperinflationary countries (Haiti, Suriname), as defined in IFRS. Application of IAS 29 in hyperinflationary countries requires their non-monetary assets and liabilities and their income statement to be restated to reflect the changes in the general purchasing power of their functional currency, leading to a gain or loss included in the net income. Moreover, their financial statements are converted into euros using the closing exchange rate of the relevant period.
| IAS 29: Impact on reported data (in million euros) | H1 2025 | H1 2024 | Impact on growth rate |
| EBITDA | 5 | 2 | 0.8% |
| EBIT | 2 | 2 | 0.0% |
| Net income Group share | -8 | -5 | -1.8% |
H1 2025 COMMERCIAL PERFORMANCE
1. ENERGY DISTRIBUTION - RETAIL & MARKETING
Volume sold and gross margin by product in H1 2025
| | Volume (in '000 m3) | Gross margin (in €m) | ||||
| (in '000 m3) | H1 2025 | H1 2024 | H1 2025 vs H1 2024 | H1 2025 | H1 2024 | H1 2025 vs H1 2024 |
| LPG | 670 | 660 | 2% | 161 | 158 | 2% |
| Fuel | 2,176 | 2,101 | 4% | 220 | 214 | 3% |
| Bitumen | 288 | 212 | 36% | 45 | 44 | 3% |
| TOTAL | 3,134 | 2,973 | 5% | 426 | 416 | 2% |
Volume sold and gross margin by region in H1 2025
| | Volume (in '000 m3) | Gross margin (in €m) | ||||
| H1 2025 | H1 2024 | H1 2025 vs H1 2024 | H1 2025 | H1 2024 | H1 2025 vs H1 2024 | |
| Europe | 473 | 464 | 2% | 121 | 114 | 6% |
| Caribbean | 1,196 | 1,145 | 4% | 167 | 167 | 0% |
| Africa | 1,466 | 1,364 | 7% | 138 | 134 | 2% |
| TOTAL | 3,134 | 2,973 | 5% | 426 | 416 | 2% |
H1 2025 was another half-year of volume and gross margin increasing in all regions and products from an already high comparable basis.
LPG demand was slightly up over the first-half. Most of this performance was driven by France and South Africa. Autogas in Europe maintains its strong momentum, as well as the bulk segment in France, underpinned by strong commercial dynamics. In South Africa, both packed and bulk segments grew, benefitting from the cold winter, and new customer wins. Morocco resumed with volume growth over the second quarter, but margins remain under competitive pressure. Overall, gross margin grew in line with volume, thereby maintaining a stable unit margin.
As regards fuel:
Bitumen volume was up 36% yoy, mainly driven by Nigeria where demand for product resumed over the first-half and activity benefited from supply difficulties for one of Rubis competitors. Angola entry into the perimeter also drove volume growth. Gross margin increased by 3% yoy. The subsequent decrease in unit margin is a basis effect, driven by the H1 24 devaluation of Nigerian Naira, which inflated margins over that period.
2. ENERGY DISTRIBUTION - SUPPORT & SERVICES
The Support & Services activity recorded €485m of revenue (stable yoy) in H1 2025.
Trading for third parties volume excluding crude deliveries was up 16% and margins were up 9% vs H1 2024.
In the Caribbean, trading was dynamic with +14% yoy in volume and +18% yoy in gross margin.
In Africa, bitumen shipping activity improved over the first-half (volume +29% after a low H1 2024) with more numerous but shorter routes.
SARA refinery and logistics operations present specific business models with stable earnings profile.
3. RENEWABLE ELECTRICITY PRODUCTION – PHOTOSOL
| Operational data | H1 2025 | H1 2024 | Variation |
| Assets in operation (MWp) | 607 | 460 | 32% |
| Electricity production (GWh) | 269 | 221 | 22% |
| Sales (in €m) | 31 | 24 | 27% |
Over the first-half 2025, Photosol installed 84MWp, leading its assets in operation to grow by 32% yoy at 607 MWp. The secured portfolio increased by 25% to 1.2 GWp. The pipeline reached 5.7 GWp up +9% yoy. Revenue for H1 2025 stood at €31m, up 27% vs H1 2024 reflecting portfolio expansion.
H1 2025 OPERATING PERFORMANCE
EBITDA breakdown
| (in million euros) | H1 2025 | H1 2024 | Variation |
| Europe | 62 | 57 | 10% |
| Caribbean | 111 | 111 | 0% |
| Africa | 91 | 90 | 2% |
| Retail & Marketing | 265 | 258 | 3% |
| Support & Services | 114 | 114 | 0% |
| Renewable Electricity Production | 10 | 11 | -5% |
| Holding | -20 | -24 | -17% |
| Total Group EBITDA | 369 | 358 | 3% |
1. ENERGY DISTRIBUTION - RETAIL & MARKETING
Looking at the operating performance by region, the dynamics for the first-half 2025 were as follows:
2. ENERGY DISTRIBUTION - SUPPORT & SERVICES
The Support & Services business recorded EBITDA of €114m (stable yoy) in H1 2025, in line with revenue stability.
3. RENEWABLE ELECTRICITY PRODUCTION – PHOTOSOL
EBITDA reached €10m over H1 2025, down 5% from €11m in H1 2024. This variation is explained by the ongoing ramp up of project development, inducing more important development expenditures.
Power EBITDA5 reached €22m for H1 2025 vs €16m for H1 2024 representing a +38% increase.
BALANCE SHEET
| (in million euros) | 30/06/2025 | 31/12/2024 | Variation |
| Net financial debt (NFD) | 1,405 | 1,292 | 9% |
| NFD/EBITDA | 2.1x | 1.9x | |
| Non-recourse project debt | 494 | 431 | 15% |
| Corporate net financial debt(1) (corporate NFD) | 910 | 861 | 6% |
| Corporate NFD/EBITDA | 1.4x | 1.4x | |
(1) Corporate net financial debt – excluding non-recourse debt – see Appendix for further detail.
Rubis corporate net financial debt (corporate NFD) reached €910m at the end of June 2025, leading to a corporate NFD/EBITDA at 1.4x (stable vs end-2024).
OUTLOOK
The working assumptions used to establish the 2025 guidance remain unchanged.
Group EBITDA is expected at €710m to €760m in 2025 (assuming IAS 29 - hyperinflation impact unchanged versus 2024).
As a reminder, the impacts of IAS 29 - hyperinflation accounting treatment on FY 2024 amounted to €24m on EBITDA, €22m on EBIT and -€10m on Net income Group Share.
Reminder: Photosol 2027 ambitions (unchanged)
NON-FINANCIAL RATING
Conference for investors and analysts
Date: 09 September 2025, 6:00pm
To access via the audio webcast: https://rubis.engagestream.companywebcast.com/2025-half-year-results
Participants from Rubis:
Upcoming events
Q3 & 9M 2025 trading update: 4 November 2025
Q4 & FY 2025 Results: 12 March 2026
| Press Contact | Analyst Contact |
| RUBIS - Communication department | RUBIS - Clémence Mignot-Dupeyrot, Head of IR |
| Tel: +33 (0)1 44 17 95 95 presse@rubis.fr | Tel: +33 (0)1 45 01 87 44 investors@rubis.fr |
appendix
1. H1 REVENUE BREAKDOWN
| Revenue (in €m) | H1 2025 | H1 2024 | H1 2025 vs H1 2024 |
| Energy Distribution | 3,244 | 3,315 | -2% |
| Retail & Marketing | 2,759 | 2,828 | -2% |
| Europe | 407 | 404 | +1% |
| Caribbean | 1,136 | 1,214 | -6% |
| Africa | 1,216 | 1,210 | +0% |
| Support & Services | 485 | 487 | -0% |
| Renewable Electricity Production | 31 | 24 | +27% |
| TOTAL | 3,275 | 3,339 | -2% |
2. Q2 FIGURES
REVENUE BREAKDOWN
| Revenue (in €m) | Q2 2025 | Q2 2024 | Q2 2025 vs Q2 2024 |
| Energy Distribution | 1,557 | 1,663 | -6% |
| Retail & Marketing | 1,338 | 1,436 | -7% |
| Europe | 193 | 195 | -1% |
| Caribbean | 551 | 624 | -12% |
| Africa | 594 | 617 | -4% |
| Support & Services | 219 | 227 | -4% |
| Renewable Electricity Production | 20 | 16 | +26% |
| TOTAL | 1,577 | 1,679 | -6% |
RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY PRODUCT IN Q2
| | Volume (in '000 m3) | Gross margin (in €m) | ||||
| (in '000 m3) | Q2 2025 | Q2 2024 | Q2 2025 vs Q2 2024 | Q2 2025 | Q2 2024 | Q2 2025 vs Q2 2024 |
| LPG | 324 | 317 | 2% | 78 | 74 | 5% |
| Fuel | 1,105 | 1,052 | 5% | 107 | 111 | -4% |
| Bitumen | 154 | 112 | 37% | 24 | 21 | 12% |
| TOTAL | 1,583 | 1,481 | 7% | 208 | 206 | 1% |
RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY REGION IN Q2
| | Volume (in '000 m3) | Gross margin (in €m) | ||||
| Q2 2025 | Q2 2024 | Q2 2025 vs Q2 2024 | Q2 2025 | Q2 2024 | Q2 2025 vs Q2 2024 | |
| Europe | 218 | 219 | 0% | 57 | 52 | 9% |
| Caribbean | 611 | 572 | 7% | 82 | 87 | -6% |
| Africa | 753 | 690 | 9% | 70 | 67 | 4% |
| TOTAL | 1,583 | 1,481 | 7% | 208 | 206 | 1% |
3. ADJUSTMENTS AND RECONCILIATIONS:
COMPOSITION OF NET DEBT/EBITDA EXCLUDING IFRS 16
| (in million euros) | 30/06/2025 | 31/12/2024 | Variation |
| Corporate net financial debt(1) (corporate NFD) | 910 | 861 | 6% |
| LTM EBITDA (a) | 732 | 721 | 2% |
| LTM Rental expenses IFRS 16 (b) | 60 | 56 | 8% |
| LTM EBITDA Photosol prod (c) | 37 | 31 | 16% |
| LTM EBITDA pre IFRS 16 & excl. Photosol prod (a)-(b)-(c) | 635 | 634 | 0% |
| Corporate NFD / LTM EBITDA pre IFRS 16 & excl. Photosol prod | 1.4x | 1.4x | |
| Non-recourse project debt | 494 | 431 | 15% |
| Total Net financial debt (NFD) | 1,405 | 1,292 | 9% |
| NFD/LTM EBITDA pre IFRS 16 | 2.1x | 1.9x | |
(1) Corporate net financial debt – excluding non-recourse debt.
KPIS ON A COMPARABLE BASIS
| H1 2025 | H1 2024 | Variation | |
| EBITDA (reported) | 369 | 358 | 3% |
| Compensation-related impacts (including IFRS 2) | 6 | 15 | |
| Hyperinflation | -5 | -2 | |
| Other | 3 | 3 | |
| EBITDA (on a comparable basis) | 373 | 374 | 0% |
| | | | |
| H1 2025 | H1 2024 | Variation | |
| EBIT (reported) | 253 | 257 | -2% |
| Compensation-related impacts (including IFRS 2) | 6 | 15 | |
| Hyperinflation | -2 | -2 | |
| Other | 3 | 3 | |
| EBIT (on a comparable basis) | 260 | 273 | -5% |
| | | | |
| H1 2025 | H1 2024 | Variation | |
| Net income Group share (reported) | 163 | 130 | 26% |
| Hyperinflation | 8 | 5 | |
| Compensation-related impacts (including IFRS 2) | 6 | 13 | |
| Fees M&A & Other | 1 | 2 | |
| Net income Group share (on a comparable basis) | 179 | 150 | 18% |
4. FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| ASSET (in thousands of euros) | 30/06/2025 | 31/12/2024 |
| Non-current assets | ||
| Intangible assets | 121,233 | 113,618 |
| Goodwill | 1,702,029 | 1,763,436 |
| Property, plant and equipment | 1,895,326 | 1,895,219 |
| Property, plant and equipment – right-of-use assets | 252,843 | 248,901 |
| Interests in joint ventures | 24,679 | 29,385 |
| Other financial assets | 98,161 | 127,522 |
| Deferred taxes | 21,625 | 24,687 |
| Other non-current assets | 213,288 | 188,463 |
| TOTAL NON-CURRENT ASSETS (I) | 4,329,184 | 4,391,231 |
| Current assets | ||
| Inventory and work in progress | 614,448 | 715,790 |
| Trade and other receivables | 769,620 | 871,761 |
| Tax receivables | 23,560 | 30,844 |
| Other current assets | 49,241 | 48,095 |
| Cash and cash equivalents | 529,728 | 676,373 |
| TOTAL CURRENT ASSETS (II) | 1,986,597 | 2,342,863 |
| TOTAL ASSETS (I + II) | 6,315,781 | 6,734,094 |
| EQUITY AND LIABILITIES (in thousands of euros) | 30/06/2025 | 31/12/2024 |
| Shareholders' equity – Group share | ||
| Share capital | 129,041 | 129,005 |
| Share premium | 1,537,672 | 1,537,708 |
| Retained earnings | 918,758 | 1,166,915 |
| TOTAL | 2,585,471 | 2,833,628 |
| Non-controlling interests | 112,557 | 127,739 |
| EQUITY (I) | 2,698,028 | 2,961,367 |
| Non-current liabilities | ||
| Borrowings and financial debt | 1,348,658 | 1,206,174 |
| Lease liabilities | 224,218 | 220,350 |
| Deposit/consignment | 153,377 | 152,681 |
| Provisions for pensions and other employee benefit obligations | 46,940 | 52,907 |
| Other provisions | 204,439 | 184,542 |
| Deferred taxes | 65,908 | 73,177 |
| Other non-current liabilities | 156,558 | 163,472 |
| TOTAL NON-CURRENT LIABILITIES (II) | 2,200,098 | 2,053,303 |
| Current liabilities | ||
| Borrowings and short-term bank borrowings (portion due in less than one year) | 585,570 | 762,505 |
| Lease liabilities (portion due in less than one year) | 38,897 | 37,116 |
| Trade and other payables | 734,222 | 863,686 |
| Current tax liabilities | 38,156 | 39,601 |
| Other current liabilities | 20,810 | 16,516 |
| TOTAL CURRENT LIABILITIES (III) | 1,417,655 | 1,719,424 |
| TOTAL EQUITY AND LIABILITIES (I + II + III) | 6,315,781 | 6,734,094 |
CONSOLIDATED INCOME STATEMENT
| (in thousands of euros) | % 2025/ 2024 | 30/06/2025 | 30/06/2024 |
| NET REVENUE | -2% | 3,274,585 | 3,338,885 |
| Consumed purchases | | (2,407,831) | (2,491,037) |
| External expenses | | (274,624) | (269,370) |
| Employee benefits expense | | (150,566) | (149,898) |
| Taxes | | (72,109) | (70,128) |
| EBITDA | 3% | 369,455 | 358,452 |
| Other operating income | | 1,316 | 906 |
| Net depreciation and provisions | | (111,203) | (98,684) |
| Other operating income and expenses | | (6,320) | (3,262) |
| CURRENT OPERATING INCOME | -2% | 253,248 | 257,412 |
| Other operating income and expenses | | 2,867 | (882) |
| OPERATING INCOME BEFORE SHARE OF NET INCOME FROM JOINT VENTURES | 0% | 256,115 | 256,530 |
| Share of net income from joint ventures | | 764 | 5,344 |
| OPERATING INCOME AFTER SHARE OF NET INCOME FROM JOINT VENTURES | -2% | 256,879 | 261,874 |
| Income from cash and cash equivalents | | 5,488 | 5,502 |
| Gross interest expense and cost of debt | | (37,746) | (49,352) |
| COST OF NET FINANCIAL DEBT | -26% | (32,258) | (43,850) |
| Interest expense on lease liabilities | | (7,185) | (6,488) |
| Other finance income and expenses | | (1,615) | (32,700) |
| PROFIT (LOSS) BEFORE TAX | 21% | 215,821 | 178,836 |
| Income tax | | (49,549) | (44,655) |
| NET INCOME | | 166,272 | 134,181 |
| NET INCOME, GROUP SHARE | 24% | 163,454 | 129,503 |
| NET INCOME, NON-CONTROLLING INTERESTS | 26% | 2,818 | 4,678 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| (in thousands of euros) | 30/06/2025 | 31/12/2024 | 30/06/2024 |
| TOTAL CONSOLIDATED NET INCOME | 166,272 | 351,103 | 134,181 |
| Adjustments: | |||
| Elimination of income of joint ventures | (764) | (6,806) | (5,344) |
| Elimination of depreciation and provisions | 131,899 | 250,269 | 119,613 |
| Elimination of profit and loss from disposals | (6,367) | (89,197) | 527 |
| Elimination of dividend earnings | (1,160) | (708) | (741) |
| Other income and expenditure with no impact on cash (1) | 11,509 | 14,702 | 8,433 |
| CASH FLOW AFTER COST OF NET FINANCIAL DEBT AND TAX | 301,389 | 519,363 | 256,669 |
| Elimination of income tax expenses | 49,549 | 81,435 | 44,655 |
| Elimination of the cost of net financial debt and interest expense on lease liabilities | 39,443 | 96,574 | 50,337 |
| CASH FLOW BEFORE COST OF NET FINANCIAL DEBT AND TAX | 390,381 | 697,372 | 351,661 |
| Impact of change in working capital* | (67,805) | 38,792 | (25,888) |
| Tax paid | (46,337) | (70,986) | (40,151) |
| CASH FLOWS RELATED TO OPERATING ACTIVITIES | 276,239 | 665,178 | 285,622 |
| Impact of changes to consolidation scope (cash acquired - cash disposed) | 5,084 | 6,592 | 460 |
| Acquisition of financial assets: Energy Distribution division | (10,110) | (8,291) | (5,775) |
| Acquisition of financial assets: Renewable Energies division (2) | (873) | (10,210) | (7,360) |
| Disposal of financial assets: Rubis Terminal division | 39,526 | 124,403 | |
| Acquisition of property, plant and equipment and intangible assets | (164,028) | (247,862) | (103,166) |
| Change in loans and advances granted | 39,601 | 13,230 | 71 |
| Disposal of property, plant and equipment and intangible assets | 4,112 | 4,619 | 2,335 |
| (Acquisition)/disposal of other financial assets | (22) | (161) | (127) |
| Dividends received | 2,755 | 6,340 | 2,520 |
| CASH FLOWS RELATED TO INVESTING ACTIVITIES | (83,955) | (111,340) | (111,042) |
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
| (in thousands of euros) | 30/06/2025 | 31/12/2024 | 30/06/2024 |
| Capital increase | 8,832 | 8,851 | |
| Share buyback (capital decrease) | (25,027) | | |
| (Acquisition)/disposal of treasury shares | 414 | (796) | (1,087) |
| Borrowings issued | 531,665 | 1,303,894 | 655,177 |
| Borrowings repaid | (541,163) | (1,328,075) | (690,962) |
| Repayment of lease liabilities | (23,384) | (41,993) | (19,790) |
| Net interest paid (2) | (42,437) | (97,384) | (52,199) |
| Dividends payable | (220,713) | (282,284) | (204,979) |
| Dividends payable to non-controlling interests | (9,152) | (12,269) | (5,523) |
| Acquisition of financial assets: Renewable Energies division | (6,256) | (2,827) | (318) |
| Other cash flows from financing operations | (1,402) | 1,065 | 2,345 |
| CASH FLOWS RELATED TO FINANCING ACTIVITIES | (312,428) | (476,864) | (308,485) |
| Impact of exchange rate changes | (26,501) | 9,714 | 1,932 |
| Impact of change in accounting policies | | | |
| CHANGE IN CASH AND CASH EQUIVALENTS | (146,645) | 86,688 | (131,973) |
| Cash flows from continuing operations | | | |
| Opening cash and cash equivalents (3) | 676,373 | 589,685 | 589,685 |
| Change in cash and cash equivalents | (146,645) | 86,688 | (131,973) |
| Closing cash and cash equivalents (3) | 529,728 | 676,373 | 457,712 |
| Financial debt excluding lease liabilities | (1,934,228) | (1,968,679) | (1,949,004) |
| Cash and cash equivalents net of financial debt | (1,404,500) | (1,292,306) | (1,491,292) |
(1) Including change in fair value of financial instruments, IFRS 2 expense, goodwill (impairment), etc.
(2) Net financial interest paid includes the impacts related to restatements of leases (IFRS 16).
(3) Cash and cash equivalents net of bank overdrafts.
| (*) Breakdown of the impact of change in working capital: | |
| Impact of change in inventories and work in progress | 70,934 |
| Impact of change in trade and other receivables | (24,728) |
| Impact of change in trade and other payables | (114,011) |
| Impact of change in working capital | (67,805) |
1 On a comparable basis: taking into account non-recurring or exceptional elements – See appendix for further detail.
2 Ratio excluding IFRS 16 – lease obligations. Debt excluding Photosol SPV project non-recourse debt; EBITDA excl. Photosol prod.
3 Debt excluding IFRS 16 – lease obligations and including Photosol SPV project non-recourse debt.
4 The Management Board, which met on 8 September 2025, approved the accounts for the first half-year 2025; these accounts were examined by the Supervisory Board on 9 September 2025. The Statutory Auditors have carried out a limited review of these financial statements, and their report on the interim financial information was issued on the same date.
5 Aggregated EBITDA from operating PV through electricity sales.
6 Includes ready-to-build, under construction and in operation capacities.
7 EBITDA reported in Rubis Group consolidated financial statements.
8 Aggregated EBITDA from operating PV through electricity sales.
9 Illustrative EBITDA coming from secured portfolio.
Attachment
