Rubis’s interim results demonstrated the resilience of its business model amid challenging commodity market conditions and currency headwinds. Despite healthy growth in sales volumes, H125 revenue was down 2% y-o-y on lower realised pricing and a stronger euro. However, tight cost control supported profitability, with EBITDA improving 3%. The company maintained its FY25 guidance, noting positive operating momentum in its key markets. We have slightly tweaked our estimates post results, with our DCF-based valuation remaining broadly unchanged at €37.0/share.

Rubis is a diversified energy distributor operating across more than 40 countries and three continents. Its flexible and agile business model allows it to absorb most of the commodity price volatility, benefiting from relatively stable gross margins across cycles. While energy distribution remains at the core of its operations, the recent expansion into solar power will see a growing earnings contribution from renewables, providing additional diversification and margin stability. We value Rubis at €37.4/share using a DCF approach. The shares trade at 2025e EV/EBITDA of 6.1x, yielding 7%.