Rubis reported first-quarter 2026 revenue of €1.792 billion, an increase of 6% from €1.697 billion in the prior-year period, driven by higher volumes and margins across its core energy distribution businesses.
Energy Distribution revenue increased 6% to €1.78 billion. Retail & Marketing revenue increased 8% to €1.531 billion, including growth of 7% in Europe, 1% in the Caribbean, and 15% in Africa.
Total Retail & Marketing volumes increased 12% to approximately 1.77 million cubic meters, while gross margin increased 13% to €247 million.
LPG volumes increased 5% and gross margin increased 9%. Fuel volumes increased 10%, while fuel gross margin increased 8%.
Bitumen was particularly strong, with volumes increasing 44% and gross margin increasing 49%. Growth was supported by activity in South Africa, Gabon, Angola, Libya, and the initial ramp-up of Rubis’ new European bitumen platform.
Support & Services revenue declined 7% to €249 million because more vessels were being used internally, particularly for Rubis’ bitumen operations, leaving less capacity available for external trading.
Rubis’ Photosol renewable electricity business generated €12 million of first-quarter revenue, up 12%. Operating capacity increased 24% to 666 MWp, while electricity production increased 14% to 116 GWh.
Photosol commissioned 35 MWp during the quarter and increased its secured portfolio to 1.5 GWp, while its development pipeline reached 5.4 GWp.
Rubis said the Middle East conflict had no material effect on its operations, inventory levels, or ability to supply customers during March. The company has no operational exposure in the region and operates diversified regional sourcing arrangements.
The company reaffirmed its fiscal 2026 guidance for group EBITDA of €740 million to €790 million, based on a constant EUR/USD exchange rate of 1.13 and an unchanged IAS 29 hyperinflation impact compared with 2025.
KEY QUOTES:
“Q1 2026 marks another quarter of strong performance for Rubis, with continued volume and margin growth across all products and geographies, reflecting the strength of our energy distribution platform and the quality of our execution. Despite heightened geopolitical tensions, we have seen no material impact on our activities to date, beyond limited precautionary purchasing at the end of the quarter. We continue to deliver in line with our development plan for photovoltaic electricity production. In this context, we reaffirm our 2026 guidance.”
Clarisse Gobin-Swiecznik, Jean-Christian Bergeron and Marc Jacquot, Managing Partners of Rubis
