Rubis reported a solid set of FY25 results, with EBITDA of €741m within guidance and record cash flow from operations of €735m. Strong performance was underpinned by 6% volume growth as gross margins and sales expanded across all regions and products. While strategic focus remains on the core energy business, the prospect of a more disciplined approach to renewables deployment supports a valuation upgrade to €42.0 per share.

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.