Rubis Q2 2026 Earnings Recap

Rubis delivered broadly positive first-half results, with EBITDA up 18% and an upgraded 2026 EBITDA target of €775–825 million. The roughly flat market reaction (+0.8%) suggests investors viewed the strong operating performance as largely balanced by lower operating cash flow and remaining exposure to volatile, project-driven markets.

Key Takeaways

• Group EBITDA rose 18% to €434 million, while net income attributable to the group increased 17% to €191 million.
• Energy Distribution performed well: volumes increased 9% and gross margin rose 16%; fuels volumes grew 6% with gross margin up 13%.
• Bitumen was a major contributor, with volumes up 44% and gross margin up 54%, although management flagged project timing variability and weaker Nigerian demand.
• Photosol’s secured portfolio increased 22% year over year to 1.5 GW, while Power EBITDA rose 13% to €25 million; operating assets grew 32% and electricity production 28%.
• Operating cash flow declined year over year to €223 million, primarily due to higher working-capital needs associated with higher oil prices.