Last close As at 05/08/2026
EUR33.56
▲ 0.90 (2.76%)
Market capitalisation
EUR3,471m
Research: Energy & Resources
Rubis reported a strong start to 2026, with Q1 performance underpinned by double-digit volume growth and higher margins across its core energy distribution activities. Total energy volumes increased by 12% y-o-y, primarily driven by a 44% surge in bitumen volumes following the ramp-up of European operations. Retail momentum remained robust in Africa and the Caribbean, while the renewable energy portfolio reached 1.5GWp. Management reaffirmed its FY26 EBITDA guidance of €740–790m, citing no material impact from current geopolitical tensions and April trading in line with expectations. We maintain our estimates and valuation at €42.0/share.
| Year end | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (€) | DPS (€) | EV/sales (x) | Yield (%) | EV/EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| 12/24 | 6,643.9 | 721.0 | 432.5 | 3.30 | 2.78 | 0.8 | 7.5 | 7.3 |
| 12/25 | 6,534.5 | 740.8 | 402.8 | 2.99 | 2.03 | 0.8 | 5.5 | 7.1 |
| 12/26e | 7,320.5 | 764.1 | 414.4 | 3.08 | 2.07 | 0.7 | 5.6 | 6.9 |
| 12/27e | 7,351.1 | 808.5 | 445.7 | 3.31 | 2.13 | 0.7 | 5.8 | 6.5 |
Rubis delivered strong operating momentum in Q126, with distributed energy volumes rising 12% y-o-y and Retail & Marketing gross margin increasing 13% to €247m. Performance was broad-based across products and geographies: LPG and fuel volumes grew by 5% and 10%, respectively, while corresponding gross margins improved by 9% and 8%. Regionally, Europe and the Caribbean both recorded 15% volume growth, with the latter supported by dynamic aviation and retail activity, while Africa delivered the strongest margin progression, with gross margin increasing 20% on robust demand across key activities.
The bitumen segment achieved exceptional 44% volume and 49% gross margin growth during the quarter. This reflected a good start to Rubis’s European bitumen operations, as the group progressively ramps up its new platform, alongside continued growth in Africa, where volumes increased by 18%. African performance was supported by South Africa, Gabon and the newly consolidated countries of Angola and Libya, while margins benefited from improved project execution and a normalisation from a weak comparison base in Nigeria. The performance underlines Rubis’s ability to capture growth in niche infrastructure-linked markets through its integrated logistics platform and reinforces management’s confidence in the division.
Rubis’s renewable electricity segment continued its steady development, with revenue increasing 12% y-o-y to €12m and assets in operation expanding to 666MWp. Photosol’s secured portfolio reached 1.5GWp.
Management reaffirmed its FY26 EBITDA guidance of €740–790m. Despite heightened tensions in the Middle East, Rubis confirmed no material impact on its operations, inventory levels or ability to supply customers to date, supported by its diversified geographic footprint and regional sourcing arrangements. Trading in April was in line with expectations. With Q1 volumes and group revenue representing 27% and 24% of our FY26 estimates, respectively, we maintain our forecasts and expect some topline benefit from higher prices, partly offset by volume growth normalisation as customer restocking subsides in the coming quarters. On our estimates, the stock trades at an undemanding FY26e EV/EBITDA of 6.9x, offering an attractive yield of c 6%. We continue to view Rubis as an attractive investment proposition, underpinned by resilient cash-generative energy distribution operations and disciplined renewables capacity deployment.
General disclaimer and copyright
This report has been commissioned by Rubis and prepared and issued by Edison, in consideration of a fee payable by Rubis. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.
Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.
Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.
No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.
Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.
Copyright 2026 Edison Investment Research Limited (Edison).
Australia
Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.
New Zealand
The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.
United Kingdom
This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or sol icitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.
This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.
United States
Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.
London │ New York │ Frankfurt
20 Red Lion Street
London, WC1R 4PS
United Kingdom
Research: TMT
VEON’s Q126 results are due on 14 May; we expect 10% revenue growth, in line with the 9–12% company guidance for FY26, with growth supported by continued strength in Pakistan and Ukraine. However, we expect a lower run-rate of net income compared to recent quarters, due to the impact of higher interest and tax charges. VEON’s performance across it’s markets should be solid, with no major variation from recent growth and margin trends. We have updated our DCF-based valuation, which gives a fair value of $81.6 per share, up from $65.9 previously.