Full Year 2025 Rubis SCA Earnings Call

March 12, 2026

Speaker #1: 25 Full-Year Results Presentation. For the first part of the conference call, participants will be in listen-only mode; however, during the question-and-answer session, participants are able to ask questions.

Operator: 2025 Full Year Results Presentation. For the first part of the conference call, participants will be in listen-only mode. However, during the questions and answer session, participants are able to ask questions. Now, I will hand the conference over to the speakers to begin today's conference. Please go ahead.

Speaker #1: Now, I will hand the conference over to the speakers to begin today's conference. Please go ahead.

Clarisse Gobin-Swiecznik: Welcome to the presentation of Rubis 2025 results. Thank you for being with us today. I am Clarisse Gobin-Swiecznik, Managing Partner of Rubis, and I'm very pleased to be joined today by Jean-Christian Bergeron, Managing Partner and CEO of Rubis Énergie, Marc Jacquot, Managing Partner and Group CFO, and Sophie Pierson, Group Chief Sustainability, Compliance, and Risk Officer. I will begin the presentation with the key highlights of the year. Jean-Christian will then share the operational highlights. Marc will go into financial performance in more detail. Jean-Christian and I will then present Rubis long-term ambitions, and Sophie will conclude with our renewed sustainability roadmap. Let's start with the key highlights of the year. 2025 has been another record year for Rubis, despite the depreciation of the Euro dollar.

Speaker #2: Welcome to the presentation of RUBIS 2025 results. Thank you for being with us today. I am Clemence Mignot, Managing Partner of RUBIS, and I'm very pleased to be joined today by Jean-Christian Bergeron, Managing Partner and CEO of RUBIS Energy, Marc Jacquot, Managing Partner and Group CFO, and Sophie Tesson, Group Chief Sustainability, Compliance and Risk Officer.

Speaker #2: I will begin the presentation with the key highlights of the year. Jean-Christian will then share the operational highlights, Marc will go into financial performance in more detail, Jean-Christian and I will then present RUBIS' long-term ambitions, and Sophie will conclude with our renewed sustainability roadmap.

Speaker #2: So let's start with the key highlights of the year. 2025 has been another record year for RUBIS, , despite the depreciation of the euro dollar.

Clarisse Gobin-Swiecznik: Against this backdrop, our performance reflects the strength of our integrated model, our strong competitive positions, and the quality of execution across all regions and activities. It is also, and notably, the result of the engagement and operational excellence of our teams. Along these figures, we can highlight first, strong performance across the board, with volumes and margins growing while Photosol continues to expand its solar portfolio. Second, operational strength that more than offset the weak USD, leading to an EBITDA in the upper range of our guidance, a 90% increase in net income group share, and record cash flow generation. Finally, these results reinforce our solid foundations and fuel our growth ambitions, enabling us to propose a growing dividend of 2.07 EUR per share. This strong financial performance gives us confidence as we move into the next phase of our development.

Clarisse Gobin-Swiecznik: Against this backdrop, our performance reflects the strength of our integrated model, our strong competitive positions, and the quality of execution across all regions and activities. It is also, and notably, the result of the engagement and operational excellence of our teams. Along these figures, we can highlight first, strong performance across the board, with volumes and margins growing while Photosol continues to expand its solar portfolio. Second, operational strength that more than offset the weak USD, leading to an EBITDA in the upper range of our guidance, a 90% increase in net income group share, and record cash flow generation. Finally, these results reinforce our solid foundations and fuel our growth ambitions, enabling us to propose a growing dividend of EUR 2.07 per share. This strong financial performance gives us confidence as we move into the next phase of our development.

Speaker #2: Against this backdrop, our performance reflects the strengths of our integrated model, our strong competitive positions, and the quality of execution across all regions and activities.

Speaker #2: It is also a notably the result of the engagement and operational excellence of our teams. Among the key figures, we can highlight, first, strong performance across the board, with volumes and margins growing, while photocell continues to expand its secure portfolio.

Speaker #2: Second, operational strengths that more than offset the weak USD, leading to a BTA in the upper range of our guidance, a 90% increase in net income group share, and record cash flow generation.

Speaker #2: And finally, these results reinforce our solid foundations and fuel our growth ambitions, enabling us to propose a growing dividend of €2.07 per share.

Speaker #2: This strong financial performance gives us confidence as we move into the next phase of our development. Moving to slide 5, let me explain how our integrated model continues to deliver.

Clarisse Gobin-Swiecznik: Moving to slide five, let me explain how our integrated model continues to deliver. We continue to expand our end-to-end energy and mobility services. By being present across the value chain, we reinforce our integrated model, increase resilience, and create multiple recurring sources of revenue. Customer proximity and operational rigor allow us to adapt quickly to evolving demand across our geographies, delivering flexible and tailored solutions. Operational excellence is not only a driver of performance, but a key enabler of margin stability and cash generation. Through strict capital discipline, efficient working capital management, and a selective investment approach, we ensure that earnings are consistently translated into cash. This supports both growth and shareholder returns. This Rubis cash generation provides us with added flexibility to seize growth opportunities. We prioritize projects and acquisitions that are value accretive, low in capital intensity, and align with long-term energy and mobility trends.

Speaker #2: We continue to expand our end-to-end energy and mobility services. By being present across the value chain, we reinforce our integrated model, increase resilience, and create multiple recurring sources of revenue.

Speaker #2: Customer proximity and operational rigor allow us to adapt quickly to evolving demand across our geographies, delivering flexible, and tailored solutions. Operational excellence is not only a driver of performance, but a key enabler of margin stability and cash generation.

Speaker #2: Through strict capital discipline, efficient working capital management, and a selective investment approach, we ensure that earnings are consistently translated into cash. This supports both growth and shareholder returns.

Speaker #2: This RUBIS cash generation provides us with enough flexibility to seize growth opportunities. We prioritize projects and acquisitions that are value accretive, low in capital intensity, and align with long-term energy and mobility trends.

Clarisse Gobin-Swiecznik: This growth strategy allows us to expand while maintaining a strong balance sheet. When you combine that operating excellence with disciplines and proactive financial management, the outcome is very clear, a strong and steady cash flow generation fully in line with our historical standards. This integrated platform ultimately reinforces our fundamentals year after year. First, we deliver consistent operating performance. Across different macro environments, we have maintained stable earnings and strong cash flows. Second, this performance is supported by a solid financial structure and prioritized dollar allocation, giving us strong flexibility to invest while maintaining balances strength. This discipline ensures that growth remains value accretive. Finally, this translates directly into a sustainable and growing shareholder returns. This is our successive consecutive year of dividends at 2% year-on-year. I will now hand over to Jean-Christian, as we go deeper in the operational overview of 2025.

Speaker #2: This growth strategy allows us to expand while maintaining a strong balance sheet. When you combine that operating excellence with disciplined and proactive financial management, the outcome is very clear: strong and steady cash flow generation, fully in line with our historical standards.

Speaker #2: This integrated platform ultimately reinforces our fundamentals year after year. First, we deliver consistent operating performance. Across different macro environments, we have maintained stable earnings and strong cash flows.

Speaker #2: Second, this performance is supported by a solid financial structure and prevents capital allocation, giving us strong flexibility to invest while maintaining balance sheet strengths.

Speaker #2: This discipline ensures that growth remains value operative. And finally, this translates directly into sustainable and growing shareholder returns. It is our thirtieth consecutive year of dividends, up 2% year on year.

Speaker #2: So I will now hand over to Jean-Christian, who will go deeper into the operational overview of 2025.

Speaker #3: Thank you, Clarisse. When we talk about our legacy business, we refer to LPG fuel and bitumen. So let me start with LPG. Even though Europe is generally seen as a major market, or even sometimes a declining market, we still deliver globally strong performance, with volumes up 2% and gross margin up 3%.

Jean-Christian Bergeron: Thank you, Clarisse. When we talk about our legacy business, we refer to LPG, fuel, and Bitumen. Let me start with LPG. Even though Europe is generally seen as a mature market or even sometimes a declining market, we still delivered globally strong performance with volumes up 2% and gross margin up 3%. Obviously, a very positive result in that context. Europe remains our largest market, and we saw good momentum there. Autogas performed particularly well in France and Spain, and bulk sales were also very dynamic. Now, when it comes to bulk sales to our B2B customers, what we call C&I, commercial and industrial customers, we are seeing a very interesting trend.

Speaker #3: Obviously, a very positive result in that context. Europe, our largest market, and we saw good momentum there. Autogas performed particularly well in France, and Spain, and bulk sales were also very dynamic.

Speaker #3: But when it comes to bulk sales to our B2B customers, as we call CMI—commercial and industrial customers—we are seeing a very interesting trend.

Speaker #3: More and more companies are turning to LPG as an efficient and reliable energy alternative, especially as they look for practical ways to reduce their carbon footprint or optimize their operations without compromising on performance. And this is exactly where RUBIS brings strong expertise.

Jean-Christian Bergeron: More and more companies are turning to LPG as an efficient and reliable energy alternative, especially as they look for practical ways to reduce their carbon footprints of their operations without compromising on performance. This is exactly where this brings strong expertise. Our customers recognize the value we provide. Moving to Africa. Morocco, Madagascar, and South Africa remain the main drivers of our performance. At the same time, we have strong ambitions in East Africa. It is still a developing market with a number of structural challenges, but also significant growth opportunities. That is precisely why in 2026 we created a dedicated LPG business line for Africa. The LPG market across the continent is expanding rapidly, and we believe that this is well-positioned to play a much larger role. Now turning to Fuel.

Speaker #3: Our customers recognize the value we provide. Moving to Africa, Morocco, Madagascar, and South Africa remain the main drivers of our performance. At the same time, we have strong ambitions in East Africa.

Speaker #3: It is still a developing market with a number of structural challenges, but also significant growth opportunities. And that is precisely why, in 2026, we created a dedicated LPG business line for Africa.

Speaker #3: The LPG market across the continent is expanding rapidly, and we believe RUBIS is well positioned to play a much larger role. Now, turning to fuel.

Speaker #3: Here as well, we saw strong growth, with volumes up 4% and margins up 5%. Our key regions remain Africa and the Caribbean. In East Africa, Kenya continues to be the main market. Performance in 2025 showed a clear improvement, many thanks to the adjustment of the pricing formula.

Jean-Christian Bergeron: Here as well, we saw strong growth with volumes up 4% and margins up 5%. Our key regions remain Africa and the Caribbean. In East Africa, Kenya continues to be the main market. Performance in 2025 showed a clear improvement, many thanks to the adjustment of the pricing formula. Aviation, however, remained more challenging with the very tight margins on airline tenders and our decision not to renew some low profitability contracts. Make it short, we lost the volumes in Kenya, but it was our decision. In the Caribbean, Haiti delivered strong growth, driven both by the significant expansion of the market and by the optimization of logistics, where we introduced, as you know, barges alongside trucks to supply the market more efficiently.

Speaker #3: Aviation, however, remained more challenging, with a very tight margin on airline tenders and power decision. Not to renew some low profitability contracts. So, to make it short, we lost the volumes in Kenya, but it was our decision.

Speaker #3: In the Caribbean, Haiti delivered strong growth, driven both by the significant expansion of the market and by the optimization of logistics. Where we introduced, as you know, barges alongside trucks to supply the market more efficiently.

Speaker #3: So, finally, Guyana and Suriname also performed very, very well, as we see, and we see significant potential in both markets for the coming years.

Jean-Christian Bergeron: Finally, Guyana and Suriname also performed very, very well as we see significant potential in both markets for the coming years. Let me now highlight our bitumen business, which was one of the strongest contributors to this growth in 2025. Maybe just as a reminder, bitumen is a product that comes from the oil refining process. It plays a critical role in infrastructure development as it is primarily used in road construction, which accounts for more than 90% of the bitumen applications. In fact, bitumen alone typically represents around 30% of the cost of building a road, making it a key component of major infrastructure projects. Our customers are many large infrastructure companies, often multinational groups, which provides a relatively secure and stable customer base.

Speaker #3: Let me now highlight our bitumen business, which was one of the strongest contributors to RUBIS' growth in 2025. Maybe just as a reminder, bitumen is a product that comes from the oil refining process.

Speaker #3: It plays a critical role in infrastructure development, as it is primarily used in road construction, which accounts for more than 90% of bitumen applications.

Speaker #3: In fact, bitumen alone typically represents around 30% of the cost of building a road, making it a key component of major infrastructure projects.

Speaker #3: So, our customers are mainly large infrastructure companies, often multinational groups, which provide a relatively secure and stable customer base. Where RUBIS stands out in this business is our ability to control the entire logistic chain.

Jean-Christian Bergeron: Where we stand out in this business is our ability to control the entire logistics chain. Over the years, we have built a fully integrated model from sourcing the product in the Mediterranean region to delivering it directly to end customers. Now, this includes 5 dedicated bitumen tankers. You may know that includes the 2 largest bitumen vessels in the world. We also have import terminals and a multimodal land transport solution that allow us to supply our customers exactly where and when they need the product. Among these tankers, by the way, we have just scrapped one of them, which was quite old, and replaced it with a new one, which was under construction since 2030. The new vessel called Bitu Ocean is now fully operating.

Speaker #3: Over the years, we have built a fully integrated model from sourcing the product in the Mediterranean region to delivering it directly to end customers.

Speaker #3: Now, this includes five dedicated bitumen tankers. You may know that that includes the two largest bitumen vessels in the world. We also have import terminals and a multimodal land transport solution that allows us to supply our customers exactly where and when they need the product.

Speaker #3: Among these tankers, by the way, we have just scrapped one of them, which was quite old, and replaced it with a new one, which has been under construction since 2030.

Speaker #3: This new vessel, called Bitu Ocean, is now fully operating. This integration gave us significant economies of scale, but also the flexibility to provide tailor-made solutions such as emulsion or polymer-modified bitumen, often delivered as turnkey solutions, with the strong technical support that the teams are providing to our customers.

Jean-Christian Bergeron: This integration gives us significant economies of scale, but also the flexibility to provide tailor-made solutions such as emulsion or polymer-modified bitumen, often delivered as turnkey solutions with the strong technical support that the teams are providing to our customers. Over the past few years, we have also expanded our footprint, entering several markets, including Cameroon, Gabon, Liberia, South Africa, Angola, and Libya. In 2025, a number of factors supported the strong momentum of the business, including a strong rebound in demand in Nigeria, the consolidation of Angola, and as I said before, our entry into Libya. Last but not least, we increased the storage capacity in South Africa. During 2025, we also signed a five-year lease agreement for a 60,000 tons storage capacity in Antwerp, Belgium, which now enables us to address the European market, starting from January 2026.

Speaker #3: Over the past few years, we have also expanded our footprint, entering seven markets, including Gabon, Gabon, Liberia, South Africa, Angola, and Libya. In 2025, a number of factors supported the strong momentum of the business.

Speaker #3: Including strong rebound in demand in Nigeria, the consolidation of Angola, and, as I said before, our entry into Libya. And, last but not least, we increased the storage capacity in South Africa.

Speaker #3: During 2025, we also signed a five-year lease agreement for a 60,000-ton storage capacity in Antwerp, Belgium, which now enables us to address the European market, starting from January 2026.

Speaker #3: All of this means that today the business is very well positioned, with strong profitability and significant growth potential for the coming years. So now, let me turn to our renewable activities.

Jean-Christian Bergeron: All of this means that today the business is very well positioned with strong profitability and significant growth potential for the coming years. Now let me turn to our renewable activities. In Europe, Photosol continued to perform in line with our expectations. The portfolio of assets in operation grew by around 21% in the year, and electricity production increased at the same pace. We also commissioned the first phase of the Creil mega solar farm, one of the key projects in our pipeline. The site is expected to be fully operational during the first half of 2026. We also continue to expand internationally with the launch of construction of two solar projects in Italy, representing a total capacity of 38MW. Outside Europe, within Rubis Énergie, more and more of our C&I customers are asking us to support them in decarbonizing their operations.

Speaker #3: In Europe, Photocell continued to perform in line with our expectations. The portfolio of assets in operation grew by around 21% in the year, and electricity production increased at the same pace.

Speaker #3: We also commissioned the first phases of the CRAIL mega solar farm, one of the key projects in our pipeline. The site is expected to be fully operational during the first half of 2026.

Speaker #3: We also continue to expand internationally with the launch of construction of two solar projects in Italy, representing a total capacity of 38 megawatts. Outside Europe, within RUBIS Energy, more and more of our CNI customers are asking us to support them in decarbonizing their operations.

Speaker #3: And to meet this demand, we are also developing renewable solutions, mainly through rooftop solar projects. For instance, in 2025, three main projects were commissioned and are now in operation—two in Jamaica and one in Kenya—representing around 3.5 megawatts of installed capacity.

Jean-Christian Bergeron: To meet this demand, we are also developing renewable solutions, mainly through rooftop solar projects. For instance, in 2025, 3 main projects were commissioned and are now in operation, 2 in Jamaica and 1 in Kenya, representing around 3.5MW of installed capacity. These 3 projects illustrates our ability to design flexible solutions tailored to our customers' energy needs. We also took another step forward in the Caribbean with the launch of our EV charging offer, further expanding the range of energy solutions we provide in the region. Thank you. I now hand over the floor to Marc to speak about the key financial figures for 2025. Marc, to you.

Jean-Christian Bergeron: To meet this demand, we are also developing renewable solutions, mainly through rooftop solar projects. For instance, in 2025, 3 main projects were commissioned and are now in operation, 2 in Jamaica and 1 in Kenya, representing around 3.5MW of installed capacity. These three projects illustrates our ability to design flexible solutions tailored to our customers' energy needs. We also took another step forward in the Caribbean with the launch of our EV charging offer, further expanding the range of energy solutions we provide in the region. Thank you. I now hand over the floor to Marc to speak about the key financial figures for 2025. Marc, to you.

Speaker #3: These three projects illustrate our ability to design flexible solutions tailored to our customers' energy needs. So, we also took another step forward in the Caribbean.

Speaker #3: With the launch of our EV charging offer, further expanding the range of energy solutions we provide in the region. So thank you. I now hand over the floor to Marc to speak about the key financial figures for 2025.

Speaker #3: Marc, to you.

Speaker #4: Thank you, Jean-Christian. What you just described operationally is directly reflected in our financial performance. At the P&L level, our EBITDA is up 7% year-on-year, at constant USD/EUR exchange rate and constant hyperinflation.

Marc Jacquot: Thank you, Jean-Christian. What you have just described operationally is directly reflected in our financial performance. At P&L level, our EBITDA is up 7% year-over-year at constant US dollar/euro exchange rate and constant hyperinflation. This performance was mainly driven by the Caribbean and Africa, with bitumen as a key contributor. It's interesting to highlight that at constant euro US dollar and hyperinflation versus 2024, our EBITDA would have reached EUR 772 million, absorbing the EUR 40 million headwinds related to the weak US dollar and landing overall our EUR 710 to 760 million guidance range. Net income per share is up 19% versus last year if you exclude the capital gain from Rubis Terminal sale in 2024. This increase reflects the absence of FX losses related to local currencies this year.

Speaker #4: This performance was mainly driven by the Caribbean and Africa, with bitumen as a key contributor. It's interesting to highlight that at constant EUR/USD and hyperinflation versus 2024, our EBITDA would have reached €772 million.

Speaker #4: Absorbing the 40 million euros headwinds related to the weak USD and landing above our 710, 760 million euro guidance range. Net income group share is up 19% versus last year.

Speaker #4: If you exclude the capital gain from RUBIS terminal sale in 2024. And this is increased reflect the absence of effect sources related to local currencies this year.

Speaker #4: Looking at our balance sheets, our corporate net functional debt amounts to €6.2 million at the end, representing a leverage of 0.9 times, increasing by 0.4 times versus last year.

Marc Jacquot: Looking at our balance sheets, our corporate net financial debt amounts to EUR 6.2 million at the end of December, which represents a leverage of 0.9 times, decreasing by 0.4 times versus last year. Cost of corporate debt stood at 4% on average over the year, significantly below 2023 at 5.2%. Last year was impacted by high and expensive local debts in Kenya. CapEx for the distribution business increased by EUR 20 million to EUR 185 million. Most of the increase is linked to the new bitumen tanker, which is now at sea and will start its operation during H1 2026, as mentioned by Jean-Christian. Total CapEx in 2023 amounted to EUR 190 million.

Speaker #4: Cost of corporate debt stood at 4% on average over the year, significantly below 2024 at 5.2%. Last year was impacted by high and expensive local debt in Kenya.

Speaker #4: Capex related distribution business increased by 20 million euros at 185 million euros. Most of the increase is linked to the new bitumen tanker, which is now at sea and will start its operation during H1 26, as mentioned by some journalists here.

Speaker #4: Total assets in running with all amounted to €190 million. This is in line with the trajectory announced at Photocell Day, and this is illustrated by both the 110 megawatt put in operations in 2025 and the 267 megawatts under construction.

Marc Jacquot: This is in line with the trajectory announced at Photosol Day and is illustrated by both the 110MW put in operations in 2025 and the 267MW under construction. This CapEx, they are 85% financed through non-recourse project debt. For the group, the total amount of CapEx spend, excluding the non-recourse debt, reached EUR 217 million versus EUR 183 million in 2024, which represents an increase of 18%. Overall, 2025 reflects strong operating performance, absence of FX losses related to local currencies, solid cash generation, and disciplined investments. Now let's take a closer look at our activities, turning to slide 13. Retail and marketing. Retail and marketing delivered a solid performance across the board, with EBITDA increasing by 4%. Let's focus on Africa. Three highlights in Africa. First, the bitumen.

Speaker #4: This capex, therefore, is 85% financed through non-recourse project debt. For the group, the total amount of capex spent excluding the non-recourse debt reached €217 million versus €183 million in 2024, which represents an increase of 18%.

Speaker #4: Overall, 2025 reflects strong operating performance, absent of ethics losses related to local currencies, solid cash generation, and disciplined investors. Now let's take a closer look at our activities turning to slide 13.

Speaker #4: Retail and marketing delivered a solid performance across the board, with EBITDA increasing by 4%. Let's focus on Africa. Three highlights in Africa.

Speaker #4: First, the bitumen. Bitumen margins increased less than volume. This is a base effect from Q1 2024, when the NERA devaluation impact was passed through to the customers.

Marc Jacquot: Bitumen margins increased less than volume. This is a base effect from Q1 2024 when Naira devaluation impact was passed through to customers. However, the bitumen business was very dynamic this year, with demand resuming in Nigeria after two difficult years. We increased our participation in our Eres subsidiary to 95% and now consolidated it globally. We also inaugurated a new entity in India, just as I mentioned earlier. The third one in Africa is retail. Retail is contributing well, and the impact of the new pricing formula in Kenya is now showing the margins. Third one, aviation. Aviation is more volatile, and it's facing higher pricing competition, leading us to reduce our volume for the moment. Let's have a look now at the Caribbean. Caribbean region was dynamic. The region contribution is impacted by hyperinflation.

Speaker #4: However, the bitumen business was very dynamic this year, with demand resuming in Nigeria after two difficult years. We increased our participation in our ongoing subsidiary to 95%, and now consolidate globally.

Speaker #4: We also incorporated a new entity in Libya—Jean-Christian mentioned that earlier. The second one in Africa is retail. Retail is contributing well, and the impact of the new pricing formula in Kenya is now showing in the margins.

Speaker #4: Third one, aviation. Aviation is more volatile, and it's facing higher pricing competition, leading us to reduce our volume for the moment. Let's have a look now at the Caribbean.

Speaker #4: The Caribbean region was dynamic. The region's contribution is impacted by interaction. Interaction had a less positive impact on EBITDA this year by €17 million.

Marc Jacquot: Hyperinflation had a less positive impact on EBITDA this year by EUR 17 million. Excluding this impact, EBITDA for the Caribbean increased by EUR 15 million, and it was driven by Haiti, where the measures we have taken in our logistics management are proving efficient. Barbados. Barbados won a significant C&I contract for power generation, which boosts the volumes but is slightly dilutive on margins. Jamaica also performed well despite supply conditions slightly less favorable than last year. Considering the impact of the weak USD in the region, this performance is particularly good this year. In Europe, the momentum was strong and illustrates the increasing demand for Autogas and a gain of market share in a market on which we are challengers. Support and services remain stable, which is normal as the segment is less flexible with our retail and marketing activities.

Speaker #4: Excluding this impact, EBITDA for the Caribbean increased by €15 million. And it was driven by Haiti, where measures were taken in our logistic management after being efficient.

Speaker #4: Barbados, Barbados won a significant CNI contract for power generation, which boosted the volumes, but is slightly diluted on margins. And Jamaica. Jamaica also performed well, despite supply conditions slightly disfavorable than last year.

Speaker #4: So, considering the impact of the weak USD in the region, this performance is particularly good this year. In Europe, the momentum was strong and illustrates the increasing demand for autogas.

Speaker #4: And again, of market share in a market on which we are challengers. Support and services remain stable, which is normal as the segment usually aligns with our retail and marketing activities.

Marc Jacquot: Our renewable electricity production for EBITDA ends at EUR 47 million. This is up 32% year-over-year. In line with our roadmap, our development expenses have increased, reflecting the acceleration of the growth of the business, resulting in a consolidated EBITDA at EUR 0.3 billion. Overall, this confirms the strength of our presence and geographic diversification. Moving now to the P&L on slide 14. Net income group share is up 19% if you exclude Rubis Terminal booking gain from 2024. This is the result of our strong operating performance together with the less expensive local debt relevance and reduced FX losses related to local currency. EBIT is slightly down versus last year, impacted notably by the new plants commissioned by Photosol and the effect of hyperinflation. Interest costs are down thanks to lower cost of debt in Kenya.

Speaker #4: Our renewable electricity production power EBITDA stood at €47 million. This is up 32% year on year. In line with our map, our development expenses have increased, reflecting the acceleration of the growth of the business, resulting in a consolidated EBITDA at €2.3 billion.

Speaker #4: Overall, this confirms the strength of our product and geographic diversification. Moving now to the P&L on slide 14. Net income group share is up 19%.

Speaker #4: If you exclude RUBIS terminal input in gain from 2024, this is the result of our strong operating performance, together with the less expensive local debt results and reduced ethics losses related to local currencies.

Speaker #4: EBIT is slightly down versus last year, impacted notably by the new plans commissioned by Photocell and the effect of hyperinflation. Interest costs are down, thanks to lower custom debt in Kenya.

Speaker #4: As you know, last year RUBIS recorded significant ethics losses, particularly in Kenya and Nigeria. Local currencies were more stable, and the strategies we put in place to mitigate the ethics risk have proven efficient.

Marc Jacquot: As you know, last year Rubis recorded significant FX losses, particularly in Kenya and Nigeria. Local currencies were more stable, and the strategies we put in place to mitigate the FX rates have proven efficient, so we didn't incur any FX losses in 2025. As for taxes, nothing major to flag. OECD global minimum tax is now fully integrated in our normal algorithms. Overall, Rubis demonstrated agility and delivered solid financial results, filled with cash generation. Finally, a word on our financial debt on slide 15. Total net debt stands at EUR 1.2 billion, with core debt at EUR 602 million, maintaining a low leverage of 0.9 at corporate level. Our liquidity level is high with more than EUR 450 million under FCF, in addition to our EUR 760 million euro cash on balance sheet.

Speaker #4: So, we didn't incur any ethics losses in 2025. As for taxes, nothing major to flag. The OECD global minimum tax is now fully integrated in our normal orders.

Speaker #4: Overall, RUBIS demonstrated agility and delivered solid financial results following its cash generation. Finally, the word on our functional debt on slide 15. Total net debt stands at €1.2 billion, with corporate debt at €602 million, maintaining a low leverage of 0.9 at the corporate level.

Speaker #4: Our liquidity level is high, with more than €450 million under FCF, in addition to our €760 million cash and balance sheets. The main variation in 2025 came from a record operating cash flow of €735 million, which is up 10%, reflecting the good operating performance combined with the absence of ethics losses.

Marc Jacquot: The main variation in 2025 came from a record operating cash flow of EUR 735 million, which is up 10%, reflecting the good operating performance combined with the absence of FX losses. A EUR 34 million positive impact from change in working capital up in 2024 in the context of low oil prices. Self-financed CapEx of EUR 270 million, which you can see in the dark pink on the graph. Total CapEx reaching EUR 376 million. Our usual June dividends, which will be paid to shareholders, but also to minority interest and general partners. The third installment received following the set up for this terminal. Two installments remain and will be received in 2027 and 2028 for EUR 86 million each. Non-recourse debt reaches EUR 564 million at year-end.

Speaker #4: A €34 million positive impact from changing working capital, as in 2024, in the context of low operations. Self-finance capex of €217 million, which you can see in the dark pink on the graph on.

Speaker #4: And total capex, reaching €376 million. And our usual joint dividends, which would be paid to shareholders, but also to minority interests and general markets.

Speaker #4: The third one is statement proceeds, following the sale of the RUBIS terminal. Two statements remain, and will be received in 2027 and 2028 for €86 million each.

Speaker #4: Non-recourse debt reaches €564 million at year-end. The increase between 2024 and 2025 is in line with the renewable investment, net of SPV debt amortization.

Marc Jacquot: The increase between 24 and 25 is in line with the renewable investment net of SPV debt amortization. Overall, our balance sheet remains solid with ample liquidity to support our future growth. The strong fundamentals underpin our confidence and strategic firepower. With that, I will hand over the floor to Clarisse and Jean-Christian to present how we intend to build on the strong foundation and accelerate our development.

Speaker #4: Overall, our balance sheet remains solid, with ample liquidity to support our future growth. The strong fundamentals underpin our confidence and strategic firepower. With that, I will hand over the floor to Clarisse and Jean-Christian to present how we intend to vote on the strong conditions and accelerate our development.

Clarisse Gobin-Swiecznik: Thank you, Marc. Behind these numbers, there is a model. That's what I would like to briefly highlight with Jean-Christian before we move to our ambitions. This is a leading distributor of energy and mobility solutions with strong position in Africa, the Caribbean, and Western Europe. What makes us different is not only our footprints, but the way we operate. First, we master the whole value chain from sourcing to storage and distribution. This gives us control, flexibility, and reliability in markets where supply continuity is critical. Second, we build on the ground expertise and proximity to our customers. Our teams operate locally, understand market specificities, and adapt quickly to changing environments. Third, we are advancing sustainability and decarbonization for our own operations and for our clients. This reflects our commitment to sustainability better.

Speaker #1: Thank you, Marc. So, behind these numbers, there is a model, and it's what I would like to briefly highlight with Jean-Christian before we move to our ambitions.

Speaker #1: RUBIS is a leading distributor of energy and mobility solutions, with a strong position in Africa, the Caribbean, and Western Europe. What makes us different is not only our footprint, but the way we operate.

Speaker #1: First, we master the whole value chain, from sourcing to storage and distribution. This gives us control, flexibility, and reliability in markets, where supply continuity is critical.

Speaker #1: Second, we build on the ground expertise and proximity to our customers. Our teams operate locally, understand market specificities, and adapt quickly to changing environments.

Speaker #1: Third, we are advancing sustainability and determination for our own operations and for our clients. This reflects. And finally, we continuously capture opportunities across energy segments and mobility services.

Clarisse Gobin-Swiecznik: Finally, we continuously capture opportunities across energy segments and mobility services from fuels and LPG to bitumen, renewables, and retail. These trends form the foundation of our ambitions for the years ahead. Because importantly, they are combined with favorable structural trends across our geographies. Our growth ambitions are rooted in clear long-term demand dynamics. Jean-Christian, over to you.

Speaker #1: From fuels and LPG to bitumen, renewables, and retail, these strengths form the foundation of our ambitions for the years ahead. Importantly, they are combined with favorable structural trends across our geographies.

Speaker #1: Our growth ambitions are rooted in clear long-term demand dynamics. So Jean-Christian, over to you.

Jean-Christian Bergeron: Thank you, Claire. Let me now briefly share how we see demand evolving across the regions where we operate. In the Caribbean, the steady increase in tourist flows supports both energy demand and airline traffic, which naturally benefits our fuel distribution activities and aviation sales. In Europe, electrification is gaining momentum, supported by public policies and regulatory frameworks. This trend further strengthens the relevance of our renewable platform, mainly in solar development. In Africa, the main drivers remain urbanization and strong demographic growth. We can see expanding cities, growing mobility needs, and ongoing infrastructure development, and they contribute to sustained demand for fuels, LPG, and bitumen. We are also seeing strong growth in convenience retail, especially in Africa and the Caribbean. As consumer habits evolve and retail markets remain fragmented, this creates opportunities to expand proximity services within service station networks.

Speaker #2: Thank you, Clarisse. Let me now briefly share how we see demand evolving across the regions where we operate. In the Caribbean, the steady increase in tourist flows supports both energy demand and airline traffic, which naturally benefits fuel distribution activities and aviation sales.

Speaker #2: In Europe, electrification is gaining momentum, supported by public policies and regulatory frameworks. This trend further strengthens the relevance of our renewable platform, mainly in solar development.

Speaker #2: In Africa, the main drivers remain urbanization and strong demographic growth. We can see expanded cities, growing mobility needs, and ongoing infrastructure development. And that contributes to sustained demand for fuels, LPG, and bitumen.

Speaker #2: We are also seeing strong growth in convenience retail, especially in Africa and the Caribbean. As consumer habits evolve and retail markets remain fragmented, this creates opportunities to expand proximity services within service station networks.

Jean-Christian Bergeron: More and more stations are becoming true multi-service hubs for everyday needs with a positive impact, not only on what we call non-fuel revenues, but also on fuel sales. Altogether, these dynamics show that our strategy is aligned with clear and long-term demand trends across our core geographies. This slide shows how we build growth from our historical strengths. On the left-hand side, you see our legacy businesses, fuel, LPG, renewable in Europe and bitumen in Africa. These activities form the backbone of our business. They provide scale, infrastructure, strong local positions, and resilient cash generation. What now matters is how we leverage these trends to unlock new drivers, of course. This is what you can see on the right-hand side of the chart.

Speaker #2: More and more, these stations are becoming true multi-service hubs for everyday needs, with a positive impact not only on what we call non-fuel revenues, but also on fuel sales.

Speaker #2: So altogether, this dynamic shows that our strategy is aligned with clear and long-term demand trends across our core geographies. This slide shows how we built growth from our historical strengths.

Speaker #2: On the left-hand side, you see our legacy businesses: fuel, LPG, renewables in Europe, Europe, and bitumen in Africa. These activities form the backbone of Rubis.

Speaker #2: They provide scale, infrastructure, strong local positions, and resilient cash generation. But what now matters is how we leverage these trends to unlock new drivers of growth.

Speaker #2: And this is what you can see on the right-hand side of the chart. Our strong positions and brand equity in Africa and the Caribbean give us a solid platform to further expand our retail activities.

Jean-Christian Bergeron: Our strong positions and brand equity in Africa and the Caribbean give us a solid platform to further expand our retail activities. In particular, we focus on two key levers that generate additional income and trade value. The first one, the development of non-fuel activities across our service station network. We're talking here about convenience stores, restaurants, and other services that closely match customer expectations when they start at our service stations. Second, leveraging our strong forecourt presence to further grow lubricants and LPG sales within our service stations. The same logic applies to renewables. We are moving from solar projects in Europe to support in energy transition in Africa and the Caribbean with solution tailored to local markets. This strategy is deployed.

Speaker #2: In particular, we focus on two key levers that generate additional income and create value. The first one: the development of non-fuel activities across our service station network.

Speaker #2: We are talking here about convenience stores, restaurants, and other services that closely match customer expectations when they start at our service stations. Second, leveraging our strong forklift presence to further grow lubricants and LPG sales within our service stations.

Speaker #2: And the same logic applies to renewables. We are moving from solar projects in Europe to supporting energy transition in Africa and the Caribbean. We tailor solutions to local markets.

Speaker #2: This strategy is deployed through strong organic pathways: building market share, improving execution, and strengthening our positions where we already operate. At the same time, we remain attentive to external opportunities as we have always done. When we invest, we do so selectively in businesses that complement our portfolio and create long-term value.

Clarisse Gobin-Swiecznik: Through strong organic growth, building market share, improving execution, and strengthening our positions where we already operate. At the same time, we remain attentive to external opportunities as we have always done. When we invest, we do so selectively in businesses that complement our portfolio and create long-term value. Throughout this process, we remain rigorous in how we allocate capital, ensuring strong returns, controlled risk, and a solid balance. This balanced approach allows us to grow, diversify, and capture new opportunities while maintaining resilience in a volatile environment. With the framework, let me now explain how sustainability supports and strengthens this strategy. Our growth ambitions, financial discipline, sustainability ambitions, and strategic priorities all require consistent execution across our markets. Sustainability is fundamental to how we think about our future. At Rubis, sustainability is not an isolated initiative.

Speaker #2: And throughout this process, we remain rigorous in how we allocate capital, ensuring strong returns controlled risk and a solid balance sheet. This balanced approach allows us to grow, diversify, and capture new opportunities while maintaining resilience in a volatile environment.

Speaker #2: With the framework, let me now tell how sustainability supports and strengthens this strategy. Our growth ambitions: financial discipline, sustainability ambitions, and strategic priorities all require consistent execution across our markets.

Speaker #2: Sustainability is fundamental to how we think about our future. At RUBIS, sustainability is not an isolated initiative. Since our first roadmap in 2022, it has structured the way we approach our responsibilities and long-term commitments.

Clarisse Gobin-Swiecznik: Since our first roadmap in 2022, it has structured the way we approach our responsibilities and long-term commitments. It supports our ambitions by reinforcing local accountability, measurable impact, and long-term consistency. It provides a framework that helps translate strategy into action country by country, business by business. This is how we ensure that our ambitions are implemented in a responsible and consistent way. With that, I will now give the floor to Sophie to present our renewed sustainability roadmap.

Speaker #2: It supports our ambitions by reinforcing local accountability, measurable impact, and long-term consistency. It provides a framework that helps translate strategy into action country by country, business by business.

Speaker #2: This is how we ensure that our ambitions are implemented in a responsible and consistent way. With that, I will now give the floor to Sophie to present our RENIT sustainability roadmap.

Sophie Pierson: Thank you, Clarisse. Indeed, sustainability supports and reinforces our ambitions. Our Rubis approach to sustainability is a component of our operational excellence. In concrete terms, this contributes to making us more relevant to our customers, particularly by offering them a wider range of lower carbon products and services, to making us a more attractive employer, and to making us more efficient by managing our risks and our costs. Let's move on to the next slide to discover our renewed roadmap. Think Tomorrow 2030 is part of the logic of evolution and continuity. It builds on the first roadmap launched in 2022, which laid the foundations of the second roadmap. This roadmap enabled us to set clear objectives, engage all our business units, and structure our actions to deliver sustainable performance.

Speaker #1: Thank you, Clarissa. Indeed, sustainability supports and reinforces our ambitions. Our RUBIS approach to sustainability is a component of our operational excellence. In concrete terms, it contributes to making us more relevant to our customers, particularly by offering them a wider range of lower-carbon products and services.

Speaker #1: To making us a more attractive employer, and to making us more efficient by managing our risks and our costs. Let's move on to the next slide to discover our RENIT roadmap.

Speaker #1: Think tomorrow, 2030, is part of a logic of evolution and continuity. It builds on the first roadmap launched in 2022, which lays the foundations of its second roadmap.

Speaker #1: This roadmap enabled us to set clear objectives and engage all our business units and structure our actions to deliver sustainable performance. The review of this period highlights a significant achievement of the set objectives, reflecting the collective mobilization of the teams.

Sophie Pierson: The review of this period highlights a significant achievement of the set objectives, reflecting the collective mobilization of the teams. In a spirit of continuity and heightened ambition, certain key objectives are being renewed or further developed, such as safety objectives, within the new roadmap in order to continue the progress already underway and to support the group's transformation in the face of environmental and societal challenges. Our renewed roadmap represents a new step in structuring and formalizing our commitment towards 2030. It is important to mention that it was built in collaboration with our colleagues in the field. It is organized around four pillars: climate, environment, social, and society. The main evolutions compared to our previous roadmap are first formalizing a standalone climate pillar.

Speaker #1: In the spirit of continuity and heightened ambition, certain key objectives are being renewed or further developed, such as safety objectives, within the new roadmap.

Speaker #1: In order to continue the progress already underway and to support the goods transformation in the face of environmental and societal challenges. Our RENIT roadmap represents a new step in structuring and formalizing our commitments toward 2030.

Speaker #1: It is important to mention that it was built in collaboration with our colleagues in the field. So it is organized around four pillars: climate, environment, social, and society.

Speaker #1: The main evolutions compared to our previous roadmap are: first, formalizing a standalone climate pillar. Climate was obviously an integral key in our first roadmap, within the environmental pillar.

Sophie Pierson: Climate was obviously under integration into our first pillar in the environmental pillar, but it now stands as a dedicated pillar, reflecting the increasing importance of energy transition and decarbonization across our activities. The second evolution is the establishment of a closer link with business, in particular by integrating targets of the development of low carbon products to complement our existing offers and the development of cleaner business solutions in Africa. The three other pillars, environment, social, and society, continue to guide how we manage our impact, support our teams, and contribute to the territories where we operate. Together, these four pillars provide a coherent and operational framework aligned with our strategy and embedded in our regional model. Let me now illustrate this framework with four concrete commitments out of the 16 as highlighted on slide 26.

Speaker #1: But it now stands as a dedicated pillar, reflecting the increasing importance of energy transition and decarbonization across our activities. The second evolution is the establishment of a closer-linked link with business, in particular by integrating targets of the development of low-carbon products to complement our existing offers and the development of cleaner business solutions in Africa.

Speaker #1: The three other pillars—environment, social, and society—continue to guide how we manage our impact, support our teams, and contribute to the territories where we operate.

Speaker #1: Together, these four pillars provide a coherent and operational framework aligned with our strategy and embedded in our regional goal model. So, let me now illustrate this framework with four concrete commitments out of the sixteen, as highlighted on slide 26.

Sophie Pierson: First, on climate, we are still committed to reducing operational emissions by accelerating diversification towards low carbon activities with an ambition to multiply our low carbon EBITDA by 5 by 2030. By low carbon EBITDA, meaning biofuels and solar electricity and services related to these products. Second, on environment, we are committed to conducting a biodiversity assessment on all our industrial sites, on solar parks located near sensitive areas with a view to implementing appropriate action plans. Third, on social, we will deploy a welfare policy across all our geographies to ensure consistent, high quality social protection for all our employees, regardless of local regulatory differences. Fourth, on society, we are committed to providing access to cleaner cooking solutions to 3.7 billion people in Africa, which is a measurable objective directly linked to local development.

Speaker #1: So, first on climate, we are still committed to reducing operational emissions while accelerating diversification towards low-carbon activities, with an ambition to multiply our low-carbon EBITDA by five by 2030.

Speaker #1: By low-carbon EBITDA, we mean biofuels and solar electricity, and services related to these products. Second, on environment, we are committed to conducting a biodiversity assessment on all our industrial sites and solar parks located near sensitive areas, with a view to implementing appropriate action plans.

Speaker #1: Third, on social, we will deploy a weaker policy across all our geographies to ensure consistent high-quality social protection for all our employees regardless of local regulatory differences.

Speaker #1: And fourth, on society, we are committed to providing access to cleaner cooking solutions to 3.7 million people in Africa, which is a measurable objective directly linked to local development.

Sophie Pierson: To find out more, all the 16 commitments are detailed, definitions, and deadlines on our website. Thank you for your attention. I will now give the floor to Clarisse to conclude the presentation.

Speaker #1: To find out more, all the 16 commitments, detailed definitions, and deadlines are on our website. Thank you for your attention. I will now give the floor to Clarisse, including the presentation.

Clarisse Gobin-Swiecznik: Let me wrap up before opening the floor to Q&A. First, we saw very strong commercial and operating performance this year, across all our geographies and businesses. Second, our seamless execution and agility delivered robust cash flows, which illustrates how robust and healthy our business model is, whatever the context. Finally, these achievements make us confident about the future and enable us to propose, as told you before, a growing dividend at 2.07 EUR per share. Despite the current context in the Middle East, and I'm sure we'll come back on it, which in fact remains contained at this stage. For 2026, we anticipate that the Caribbean will continue to perform well, in particular with the recovery of Haiti, as Jean-Christian told. The strong dynamism of Jamaica, Guyana, and Barbados.

Speaker #2: So let me wrap up before opening the floor to Q&A. First, so we saw very strong commercial and operating performance this year. Of course, our old geographies and businesses; second, our seamless execution and agility delivered record cash flows which illustrate how robust and healthy our business model is.

Speaker #2: Whatever the context, finally, these achievements make us confident about the future and enable us to propose, as reported before, a growing dividend at €2.07 per share.

Speaker #2: So despite the current context in the Middle East, and I'm sure we'll come back on it, which impacts remains contained at this stage, for 2026, we anticipate that the Caribbean will continue to perform well.

Speaker #2: In particular, with the recovery of Haiti, as Jean-Christian told, the strong dynamism of Jamaica, Guyana, and Barbados. In Africa, retail should continue to be one of the key drivers of performance.

Clarisse Gobin-Swiecznik: In Africa, retail should continue to be one of the key drivers of performance together with bitumen. In Europe, we have just entered and launched our bitumen operation in Antwerp, so we are very happy of this development. Just keep in mind that for 2026 it will be a transition year, and the renewable electricity in Europe should continue to develop as planned. All in all, with a healthy balance sheet and a stable leverage ratio, we are aiming at EUR 740 to 790 million of EBITDA within the framework of the assumptions just described. I think that's all for the presentation. Thank you a lot for your attention and we are ready for taking your questions.

Speaker #2: Together with bitumen, in Europe, we have just entered and launched our bitumen operations in Antwerp. So we are very happy with this development, but just keep in mind that for 2026, it will be a transition year.

Speaker #2: And the renewable electricity in Europe continues to develop as planned. So, all in all, with a healthy balance sheet and a stable average ratio, we are aiming at a €740 to €790 million EBITDA within the framework of the assumptions just described.

Speaker #2: So I think that's all for the presentation. So thank you a lot for your attention. And we are ready for taking your questions.

Operator: Thank you. If you wish to ask a question, please request to speak via the blue icon or type a question in the chat box.

Speaker #3: Thank you. If you wish to ask a question, please request to speak via the blue icon or type a question in the chat box.

Clémence Mignot-Dupeyrot: First question from Auguste Deuillet at Kepler Cheuvreux. Given the excellent economics of the bitumen business, why not make an arbitrage and invest less in renewables to focus on this very promising activity that is more in line with your historical business model?

Speaker #2: First question from August 1st at Qatar Shovel. Given the excellent economics of the bitumen business, why not make an arbitrage and invest less in renewables to focus on this very promising activity that is more in line with your historical business model?

Marc Jacquot: Auguste, you know, the question is not really a matter of arbitrage, but it's a matter of opportunities. As you know, our renewable business is financed at 85%, through non-recourse debt, and it does not hinder our ability to invest in the distribution business. Actually, this is reflected as you can see in our leverage ratio as it has been the one today.

Speaker #4: August, do you know the question is not really a matter of arbitrage, but it's a matter of opportunity. As you know, our renewable business is financed at 85% through non-recourse debt.

Speaker #4: And it does not hamper our ability to invest in the distribution business. And actually, this is reflected as you can see in our leverage as it is below 1 today.

Clarisse Gobin-Swiecznik: You're right, Marc. On top of that, I can add that we are taking any possible opportunities in Africa. We have done some significant move in 2025. In 2026, as I said, we are entering now to Europe, and we expect some significant growth in Europe. These are arbitrage, as you say, Marc, just a combination of two growing businesses. We take full opportunities to roll both of them as soon as they need to.

Jean-Christian Bergeron: You're right, Marc. On top of that, I can add that we are taking any possible opportunities in Africa. We have done some significant move in 2025. In 2026, as I said, we are entering now to Europe, and we expect some significant growth in Europe. These are arbitrage, as you say, Marc, just a combination of two growing businesses. We take full opportunities to roll both of them as soon as they need to.

Speaker #5: You're right. Not on the top of that, I can add that we have taken any possible opportunities in Africa and we have done some significant moves in 2025 and in 2026, as I say, we are entering now to Europe and we expect some significant growth in Europe.

Speaker #5: So there's no arbitrage, as you say, Mark, just a combination of two growing businesses and we take full opportunities to grow both of them simultaneously.

Clémence Mignot-Dupeyrot: Still on bitumen, we have two questions from Hubert Mathé. Can you confirm the reasons why the growth and the gross margin in the bitumen activity is not in line with that of revenues, 28% revenues and 80% net gross margin? The second one is about the Indian market. What are the risks and opportunities? Who are the customers? Are there local contractors or not at multinationals?

Speaker #2: Still on bitumen, we have two questions from Hubert Maté. Can you confirm the reasons why the growth of the gross margin on the bitumen activity is not in line with that of revenues—28% revenues and 18% net gross margin?

Speaker #2: And the second one is about the living market. What are the risks and opportunities? Who are the customers, and are there local contractors or non-local multinationals?

Marc Jacquot: Hubert, no, the revenues reflect the price of the products we sell, and the margins. Okay? It generates some volatility in our revenues that are totally decorrelated from our performance. We encourage you to really focus on our margins and EBITDA if you want to understand the performance of Rubis.

Speaker #4: Hubert, the revenues reflect the price of the project we sell. And the margins generate some volatility. Our revenues that are totally decorrelated from our performance.

Speaker #4: So we encourage you to really focus on our margins and EBITDA if you want to understand the performance of this.

Clarisse Gobin-Swiecznik: As far as India is concerned, it was a good opportunity because we managed to acquire the only importation depot that does exist in India. The market is quite significant. We are talking about 200,000 tons plus. It's a growing market.

Jean-Christian Bergeron: As far as India is concerned, it was a good opportunity because we managed to acquire the only importation depot that does exist in India. The market is quite significant. We are talking about 200,000 tons plus. It's a growing market.

Speaker #5: So as far as India is concerned, it was a good opportunity because we managed to acquire the only importation depot that does exist in India.

Speaker #5: The market is quite significant. We are talking about 200,000 tons plus. It's a growing market. So far, we are just supplying the market through our depot.

Jean-Christian Bergeron: So far we are just supplying the market to our depot. The customers are coming to the terminal, they are offloading, they are taking the product from our terminal, so we don't have any trucks moving on the roads. We don't have any significant inland operations. We are quite confident that it will be a good addition to our infrastructure in Africa. We are using the supply chain that is making our success in the West Coast of Africa. Just a positive addition. Once again, we don't see risk. We see opportunity to grow our infrastructure business.

Speaker #5: The customers are coming to the terminal. They are offloading their taking the product from our terminal. So we don't have any trucks moving on the roads.

Speaker #5: We don't have any significant inland operations. So we are quite confident that it will be a good addition to our bitumen in Africa. We are using the supply chain that is making our success in the west coast of Africa.

Speaker #5: So just a positive addition. And once again, we don't see risk. We see opportunity to grow our bitumen business.

Clémence Mignot-Dupeyrot: We now have two questions from Jean Crottoux at CIC Market Solutions about the situation in the Middle East and the impacts on the supply chain, on the business, and in particular in East Africa.

Speaker #2: We now have two questions from Jean from CIC CID. About the situation in the Middle East and the impacts on the supply chain, on the business, and in particular in East Africa.

Jean-Christian Bergeron: What we see so far, because I think it's evolving quite rapidly. So far we don't see any negative impacts. In most of the markets where we operate, we are not concerned by the situation in the Middle East. We mentioned East Africa can also add to its Africa operations in Kenya and Madagascar. So far all the supply chain has been moved to Singapore. We are getting the product from Singapore. It's very smooth, and we are not facing any specific issue with that change of supply chain. I would say so far so good. We don't see once again any negative impact so far in our businesses for this initiative.

Speaker #4: Well, we so far because things are evolving quite rapidly. So far we don't see any negative impact. In most of the markets where we operate, we are not concerned by the situation in the Middle East.

Speaker #4: So we mentioned East Africa. You can also add to East Africa operations in La Réunion and Madagascar. So far, all the supply chain has been moved to Singapore.

Speaker #4: So we are getting the product from Singapore. It's a very smooth and we are not facing any specific issue with that change of supply chain.

Speaker #4: So I would say, so far so good. So we don't see, once again, any negative impact so far in our businesses for this energy.

Clémence Mignot-Dupeyrot: We have two questions that are linked from Mohammed via GMVP. Should we expect a negative working capital effect due to the spike in fuel prices? Should we expect a short-term squeeze in unit margins? We'll go back to the CapEx afterwards.

Speaker #2: We have three questions that are linked from Mohamed Ali at BNPP. Should we expect a negative working capital effect due to the spike in fruit prices?

Speaker #2: Should we expect a short-term squeeze in unit margins? And we'll go back to the capital activities.

Jean-Christian Bergeron: The change in working capital varies depending on inventory level at year-end mainly, depending on oil price evolution. In the particular context of oil price going up, of course, the working capital will be higher. In terms of unit margins, what we can say, we are operating in many markets where the margins are being regulated by government. We don't see any positive or negative impact just because, once again, margins are being regulated by authorities. Where the market is deregulated, by our proximity with our customers, to explain to them that the price is increasing and we need to increase the price accordingly. We expect to protect our margin.

Speaker #4: The changing working capital varies depending on inventory level at your end, mainly. Depending on oil price evolution. So in the particular context of oil price going up, of course, the working capital will be higher.

Speaker #5: In terms of unit margins, Marc, what we can say? We are operating in many, many markets where the margins are being regulated by government.

Speaker #5: So, we don't see any positive or negative impact, just because, once again, margins are being regulated by authorities. Where the market is deregulated, it's up to us and to our proximity with our customers to explain to them that the price is increasing, and we need to increase the price accordingly.

Speaker #5: So, we expect to protect our margin, and once again, we don't see any major impact or major risk with that increase of oil price.

Jean-Christian Bergeron: Once again, we don't see any major impact, major risk with that increase of oil price. By the way, we came across the same situation in 2022. Don't forget that the kind of level we are observing today was also the same in 2022. We managed, and there was no significant impact on our sales and no significant impact on our unit margins.

Speaker #5: By the way, we came across the same situation in 2022 and don't forget that the kind of level we are observing today was also the same in 2022.

Speaker #5: And we managed, and there was no significant impact on our sales and no significant impact on our unit margins.

Clémence Mignot-Dupeyrot: Let's now move to Photosol with a question from Jean Crottoux about PPE3 energy policy impact on Photosol. Will it accelerate or slow down on your development? Also two questions around 2027 targets, the delays related to France and the CapEx level expected for 2026 and the split between corporate and non-recourse debts.

Speaker #2: Let's now move to Photosun with a question from Jean about PPE3 energy policy impact on Photosun. Will it accelerate or slow down your developments?

Speaker #2: And also a few questions around 2027 targets. The delays related to France and the CAPEX level expected for 26 and the split between corporate and non-record states.

Clarisse Gobin-Swiecznik: The publication of PPE3 provides long-awaited policy visibility after a prolonged period of uncertainty. For us, PPE3 confirms that solar remains a strategic pillar for France's decarbonization within a framework that prioritizes system balance, electrification, and long-term deployment rather than short-term acceleration at any cost. It also implies from 2026, 2027, and 2028 moderation of near-term solar deployment in France, but it preserves a clear and viable long-term growth strategy to 2055, for instance. In the short term, this environment favors what we favor: experienced developers with high-quality, well-executed projects and our pipeline. The Photosol pipeline remains fully aligned with these long-term objectives.

Speaker #6: PPE, the publication of PPE3 provides longer waiting for the policy visibility after a prolonged period of absentency. So for us, that confirms PPE3 confirms that solar remains a strategic pillar for France Decarbonation.

Speaker #6: Within the framework that prioritized system balance, electrification, and long-term deployment rather than short-term acceleration at any cost, it also implies from 2026, '27, and '28 a near moderation of near-term solar deployment in France.

Speaker #6: But it preserves a clear and robust long-term growth strategy to our southeast points. So in the short term, this environment favors, we think, that which favors experienced developers with high quality, well-executed projects. And our pipeline—the Photosun pipeline—remains fully aligned with these long-term objectives.

Clarisse Gobin-Swiecznik: Looking ahead, the plan supports sustained growth in decarbonized electricity, increasing demands for flexible and re-grid compatible solar assets, and future upside from storage and system services. To manage short-term variability and secure our path toward 2027 EV data targets, we have also taken mitigation actions, notably international diversification and a more selective discipline approach to new project intake focused on quality, returns, and visibility. We have-

Speaker #6: Looking ahead, the plan supports sustained growth in decarbonized electricity, increasing demands for flexible and grid-compatible solar assets, and future attacks from storage and system services.

Speaker #6: So to manage short-term variability and support our past toward 2027, EBITDA targets, we have also taken mitigation actions notably international diversification and a more selective discipline approach to new project index focus on quality returns and visibility.

Marc Jacquot: Talk to G4 about our development in Italy. We have a team with 15 people. We have 42MW that will be operational at the end of 2026, 40 more in 2027. We have a pipeline that is incremental with also storage projects. We have quite a big secured pipeline in France. We have proved that we can convert into permitted, priced, and operational since all those years. The results for 2025 are good. The plan for 2026 is following what we have announced in Photosol. For now, we are not worried at all.

Speaker #6: So we have talked to D4 about our development in Italy. So we have a team with 15 people. We have 42 megawatts that will be operational at the end of 2026.

Clarisse Gobin-Swiecznik: Talk to G4 about our development in Italy. We have a team with 15 people. We have 42MW that will be operational at the end of 2026, 40 more in 2027. We have a pipeline that is incremental with also storage projects. We have quite a big secured pipeline in France. We have proved that we can convert into permitted, priced, and operational since all those years. The results for 2025 are good. The plan for 2026 is following what we have announced in Photosol. For now, we are not worried at all.

Speaker #6: 40 more in 2027. We have a pipeline that is incremental with also storage projects. And we have quite a big secure pipeline in France.

Speaker #6: And we have proved that we can convert in permitted priced and operational since all those years. So the results for 2025 are good. The plan for 2026 is following what we have announced in the Photosun day.

Speaker #6: So for now, we are not worried at all.

Clémence Mignot-Dupeyrot: A quick question from Mohad about going back to high oil prices. Have you seen some countries starting to think about capping current prices?

Speaker #2: A good question from Mohad about going back to high fuel prices. Have you seen some countries starting to think about capping pump prices?

Marc Jacquot: Not yet, Clémence. Not yet. For sure it might happen if the situation continues like that. Once again, to cap the price, it means that the prices are limited. The impact on our margins, it could even be a good news because if they cap the price, it means that the demand will be remaining solid because of the cost of accessing the product for end customers will be more reasonable. We don't see that today, and we don't see that in the long term as an issue if some governments decide to cap the price.

Speaker #5: Not yet, Clémence, not yet. For sure, it might happen if the situation continues like that. But once again, to cap the price, it means that the prices are regulated.

Speaker #5: So no impact on our unit margins. It could even be a good news because if they cap the price, it means that the demand will be remaining solid.

Speaker #5: Because the cost of accessing the product for end customers will be more reasonable. So we don't see that today, and we don't see that in the long term as an issue if some governments decide to cap the price.

Clémence Mignot-Dupeyrot: A question from Nicolas. Will you at some point talk about the cash proceeds from the sale of Rubis Terminal? How much are you expecting in 2026 and beyond?

Speaker #2: A question from Nicolas about the cash proceeds from the sale of Rubis Q2. How much are you expecting in 2026 and beyond?

Marc Jacquot: Nicolas, we are expecting two installments, one in 2026, one in 2027, of EUR 86 million each.

Speaker #5: Nicolas, we are expecting two installments, one in 2026 and one in 2027, of €86 million each.

Clémence Mignot-Dupeyrot: One question from Mohad at BNP. How much of the EUR 253 million dividend cash out is related to the statutory dividend to general partners?

Speaker #2: One question from PP. How much of the 233 million euro dividend cash out is related to the statutory dividend to general partners?

Marc Jacquot: Mohad, the amount is EUR 11 million related to 2024 and paid in 2025. I think we have a question from Nicolas asking about the net income of Rubis Photosol. The net income group share for this Photovoltaic amounted in 2025 to a negative EUR 30 million. We don't have any other questions.

Speaker #5: Mohad, the amount is €11 million. So, related to 2024 and paid in 2025. I can also see a question from Nicolas asking about the net income of RUBIS Photosun.

Speaker #5: So the net income group share of RUBIS Photosun amounted in 2025 to 32 negative 30 billion euros. There is a risk we don't have any other questions.

Operator: As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad.

Speaker #3: As a reminder, if you wish to ask a question, please dial pound key 5 on your telephone keypad.

Clémence Mignot-Dupeyrot: If we have no more questions, thanks. Thanks a lot to you all for your attention. We remain available on the phone or by email, if you want to have more information. We will be on the road today in Paris, and next week in London and Dublin. Do not hesitate to reach out to us. Thanks a lot.

Speaker #2: We have no more questions. Thanks a lot to you all for your attention. We remain available by phone or by email if you want to have more information.

Speaker #2: We will be on the road today in Paris. And next week in London and Dublin. Do not hesitate to reach out to us. Thanks a lot.

Marc Jacquot: Thank you.

Speaker #4: Thank you.

Clémence Mignot-Dupeyrot: Thank you.

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