Rubis has announced its expansion into the European bitumen market via securing an exclusive five-year extendable lease to operate the bitumen storage capacity at the ATPC terminal in Atwerp, Belgium. This expansion will allow the company to capitalise on its fully integrated bitumen logistics chain and expand its market presence in this niche segment beyond Africa. Rubis expects 2026 to be a transitional year, with a more visible impact on earnings from the new business in 2027/28. We maintain our forecasts and valuation at €37/share ahead of the full-year results due on 12 March.

Rubis announced that it has been issued a total fine of €65m by the French Competition Authority for anticompetitive practices in the supply, storage and distribution of petroleum products in Corsica during 2016 to 2022. The company denies violating the competition law and plans to appeal the decision.

Rubis has provided an encouraging Q325 trading update that once again underscores the benefits of the company’s diversified business model and the defensive nature of its stock. Against the backdrop of volatile commodity prices and adverse forex moves the company reported a 3% y-o-y reduction in total revenues to €1,581m, supported by a 6% increase in volumes in its key Retail and Marketing division, which in turn saw broadly flat revenues and a 9% rebound in gross margin. Rubis reaffirmed its FY25 guidance, noting strong operational momentum. We have tweaked our estimates slightly, maintaining our valuation at €37.0/share.