Q1 2026 Rubis SCA Earnings Call
[CFO] (Rubis): Partner and CFO of the group. Let's have a look at our Q1 activities. This quarter was one of a very strong operating performance again. The energy distribution business saw strong growth both on volumes and margins in all geographies. The volumes increased by 12%, driven notably by aviation fuel and C&I in the Caribbean, and bitumen in Africa and Europe. Overall unit margins were roughly stable at +1% versus previous year. We observed 3 coherent months. March is in the continuity of January and February. However, we have seen over the last weeks of Q1 a few precautionary purchasing behaviors here and there, but nothing significant. Since January, we launched our bitumen business in Europe, which is performing well.
Speaker #1: Last year, and, CA4 of the group. let's have a look at our Q-Q1 activities. this quarter was one of the very strong operating performance again, the energy distribution business, so strong growth both on volumes and margins, in all geographies.
Speaker #1: The volumes increased by 12%, driven notably by aviation fuel and CNI in the Caribbean, and bitumen in Africa and Europe. Overall unit margins were roughly stable, at plus 1% versus the previous year.
Speaker #1: And we observed three coherent months: March is in the continuity of January and February; however, we have seen over the last weeks of Q1 a few precautionary purchasing behaviors here and there, but nothing significant.
Speaker #1: Since January, we launched our bitumen business in Europe, which is performing well. In renewable electricity production, our development continues in line with plants, with an increase of the sector portfolio of 6% versus December 2025, and 32% over a year, which is quite encouraging for the rest of the year.
[CFO] (Rubis): In the renewable electricity production, our development continues in line with plans, with an increase of a secured portfolio of 6% versus December 2025, and 32% over a year, which is quite encouraging for the rest of the year. The Creil project, which is the second biggest PV plant in France, is expected to be fully commissioned by the end of Q2. One important fact also to underline is that none of our business is directly negatively impacted by the war in the Middle East. I remind you that we have no operation in the region. Our supply is managed at regional level. In the only region where we operate, which could be at risk, which is East Africa, supply is handled directly by local governments.
Speaker #1: The CAI project, which is the second biggest PV plant in France, is expected to be fully commissioned by the end of Q2. One important fact also to underline is that none of our business is directly negatively impacted by the war in the Middle East.
Speaker #1: I remind you that we had no operation in the region. Our supply is managed at regional level, and in the only region where we operate, which could be at risk, which is East Africa, supply is under directly by local governments.
Speaker #1: However, we are monitoring the situation in an agile and local way, and are confident about our ability to navigate this volatile context. So all those elements make us confident about 2026, and, we reaffirm our guidance.
[CFO] (Rubis): However, we are monitoring the situation in an agile and local way, and are confident about our ability to navigate this volatile context. All those elements makes us confident about 2026, and we reaffirm our guidance. I'm now handing the floor to JCB to go into further details of the activity.
Speaker #1: I'm now handing the floor to GCB to go into further details of the activity.
Speaker #2: Thank you, Marc. Good morning, all of you. As highlighted by Marc, as you can see on the slide, Q1 2026 delivered strong momentum across both volumes and margin, as Marc has said.
Jean-Christian Bergeron: Thank you, Marc. Good morning to all of you. As highlighted by Marc, and you can see that on the slide, Q1 2026 delivered a strong momentum across both volumes and margin. As Marc just said, it will be increased by 12%, while gross margin grew by 13%. All business lines contributed positively with a particular mention for our bitumen activities. By the way, our bitumen activities, following a strong 2025, continue to deliver excellent performance is in both volume and margin. What are the key drivers of this performance? LPG. LPG plus 5% volume and plus 9% gross margin. Activity was quite strong in Europe across all segment. By segments we mean bulk cylinders, notably.
Speaker #2: Volume increased by 12%, while gross margin grew by 13%. So all business lines contributed positively with a particular mention for our bitumen activities. By the way, our bitumen activities, following a strong 2025, continue to deliver excellent performance in both, volume and margin.
Speaker #2: Now, what are the key drivers of this performance? First of all, NPG. NPG plus 5% volume and plus 9% gross margin. Activity was quite strong in Europe across all segments. By segments, we mean bulk and cylinders.
Speaker #2: Notably, with Switzerland leading, driven by very robust bulk demand. Gross also resumed in Portugal, where we are struggling a bit, but it's getting better now. And auto gas remains a key gross driver, especially in France and Spain.
Jean-Christian Bergeron: With Switzerland leading, driven by a very robust bulk demand. Growth also resumed in Portugal. We were struggling a bit in Portugal, but it's getting better now. Autogas remained a key growth driver, especially in France and Spain. In Africa, performance was quite solid, especially in South Africa, where the cylinder segment drove most of the growth during the Q. As far as fuel is concerned, as you can see, +10% volume, +8% gross margin. Despite strong volume growth, we need to acknowledge that gross margin increased at a slower pace, reflecting a slight decline in unit margin.
Speaker #2: In Africa, performance was quite solid, especially in South Africa, where the cylinder segment drove most of the gross during the quarter. As far as fuel is concerned, as you can see, plus 10% volume, plus 8% gross margin. Despite strong volume growth, we need to acknowledge that gross margin increased at a slower pace, reflecting a slight decline in unit margin.
Jean-Christian Bergeron: This is obviously mainly driven by the month of March, where the Middle East crisis and rising international prices led to continued price pressure across many retail activities and at least across our C&I commercial industrial activities. In the Caribbean, very dynamic activity, although margins were impacted by some unfavorable euro-USD translation effects. We are not used to that. Retail performance was extremely strong in both Africa, particularly Kenya, by the way, and the Caribbean, with Haiti, Guyana, showing a very robust demand. The commercial and industrial segments, C&I, has also performed extremely well, mainly driven by Haiti and Kenya.
Speaker #2: This is obviously mainly driven by the month of March, where the Middle East crisis and rising international crisis led to continued price pressure across many of our retail activities on the bids.
Speaker #2: across, our CNI commercial and industrial, activities. In the Caribbean, very dynamic activity, although, margins were impacted by, an unfavorable, Euro USD, translat translation, effect, we're not used to that.
Speaker #2: Retail performance was extremely strong in both Africa—particularly Kenya, by the way—and the Caribbean, with IT, Guyana, showing very, very robust demand. The commercial and industrial segment (CNI) has also performed extremely well, mainly driven by IT and Kenya.
Jean-Christian Bergeron: Last but not least, the aviation business was extremely strong in the Caribbean, especially Barbados, Bahamas, mainly due to the peak tourism season for that. In Kenya, as you recall, this is a very competitive, highly competitive market. We are not fighting too much to keep the volumes because it will definitely give us very low, even sometimes negative margins. We are just awaiting the end of that cycle before re-engaging more actively in the different bidding processes. Bitumen, we talked a lot about bitumen. Again, one of the main achievements for Q1 2026. You can see impressive numbers, +44% volume, +49% gross margin.
Speaker #2: Last but not least, the aviation business, was extremely strong in the Caribbean, especially in Barbados, Bahamas, mainly due to the, the peak, tourism season over there, and, in Kenya, as, you recall, this is a very competitive, highly competitive market, and, we are not fighting too much to keep the volumes because it would, definitely, give us some, very low, even sometimes negative margins.
Speaker #2: So we are just awaiting the end of that cycle before re-engaging more actively in the different bidding processes. Bitumen—we talked a lot about bitumen.
Speaker #2: It's again, one of, the main achievements, for the quarter, the first quarter 2026. You can see, impressive numbers, plus 44% volume, plus 49% gross margin.
Speaker #2: So overall, bitumen volumes increased by 44%, driven by both the ramp-up of our European operations. You do recall that we started operations in Antwerp, Belgium, on the 1st of January.
Jean-Christian Bergeron: Our bitumen volumes increased by 44% driven by both the ramp-up of our European operations. You do recall that we started operations in Antwerp, Belgium on the 1st of January. We are now quite on the right mode to deliver the target that we set to ourselves. Obviously we have also a continued expansion in Africa, where in Africa only volumes grew by 18%. Again, the quarter marks the launch of our bitumen activities in Europe, Antwerp, with a very encouraging start that reinforces our confidence in the future of the bitumen business in Europe. In Africa also, by the way, the performance remained strong, notably in Nigeria, but not only. Most of the countries contributed very positively.
Speaker #2: And, we, are now, quite, on the right, mode, to, deliver the targets that we set to ourselves. And obviously, we have also a continued expansion in Africa, where, in Africa, only volumes grew by 18%.
Speaker #2: So, again, the quarter marks the launch of our bitumen activities in Europe, Antwerp. With a very encouraging start that reinforces our confidence in the future of the bitumen business in Europe.
Speaker #2: In Africa also, by the way, the performance remained strong—notably in Nigeria, but not only. Most of the countries contributed very positively. South Africa, for instance, stood out, supported by additional storage capacity that we commissioned in Durban.
Jean-Christian Bergeron: South Africa, for instance, stood out supported by additional storage capacity that we commissioned in January. Growth was also further driven by our entry into India last year and the increase in our stake in Angola. Remember we moved from 35% to 95% equity in Angola. Gross margin increased quite significantly, as I said, 49% year on year with, I would say, contribution across all countries and unit margins remaining quite at high level throughout the quarter. Small, small comment on people and services. You can see a small decline by 7% of revenue. It's not at all unusual. It's even, I would say, a positive, a positive number because it just shows that we have increased our in-house activities.
Speaker #2: Gross was also further driven by our entry into Libya last year, and the increase in our stake in Angola. Remember, we moved from 35 to 95 percent equity in Angola.
Speaker #2: Gross margin increased, quite significantly, as I said, 49% year on year. With, I would say, contribution across all countries, and unit margins remaining quite at a high level throughout the quarter.
Speaker #2: Small, small comment on 341 services. You can see a small decline by 7% of revenue. It's not at all an issue. It's even, I would say, a positive number because it just shows that we have increased our in-house activities; and, because, as you saw, our volumes were quite impressive, we just had to privilege our in-house activities and reduce a bit our usual trading activities.
Jean-Christian Bergeron: Because as you saw, our volumes were quite impressive, so we just had to privilege our in-house activities and reduce a bit our usual trading activities. Nothing as such that we should be worried about. Now let's turn to this Photosol. Again, good news. The secured portfolio reached 1.5 gigawatts, up 6% versus last year, end of last year, and 32% year on year. Revenue amounted to EUR 12 million compared with compared to EUR 11 million last year. It's a plus 14% growth, and this growth is slightly lower than the increase in operating asset that mainly due to timing effects in the commissioning of new solar farms. Now if we move on to the 2026 outlook.
Speaker #2: So nothing as such that we should be worried again. About. So now let's, turn to, RUBIS Photosol. So, again, good news. The secure portfolio reached 1.5 gigawatts, up, 6% versus, last year, end of last year.
Speaker #2: 32% year on year. So revenue amounted to €12 million compared with, compared to €11 million last year. So it's a plus 14% growth, and this growth is slightly lower than the increase in operating assets, that's mainly due to timing effects in the commissioning of new solar.
Speaker #2: Farms. So now, if we move on to the 2026 outlook, as you can see, Q1 performance for 2026 was fully in line with the outlook we provided to you at the time of our full-year results.
Jean-Christian Bergeron: As you can see, Q1 performance for 2026 was fully in line with the outlook we provided to you at the time of our full year results. Once again, it definitely highlights the strengths of our multi-country, multi-product strategy underpinned by strong operational execution and confirming the agility of the Rubis business model. Despite the current context in the Middle East, which has had no significant impact on our business so far, we expect in 2026 the Caribbean to remain well oriented, supported in particular by the ongoing recovery in Haiti, the continued strong momentum in Jamaica, Guyana, and Barbados, as well as I said before, the strong global momentum in aviation in the Caribbean. In Africa, the retail business should remain the key driver of performance alongside bitumen.
Speaker #2: And once again, it definitely highlights the strengths of our multi-country, multi-product strategy, underpinned by strong operational execution and confirming the agility of the RUBIS business model.
Speaker #2: So despite the current context in the Middle East, which has had no significant impact on our business so far, we expect in 2026 the Caribbean to remain well-oriented, supported in particular by the ongoing recovery in IT, the continued strong momentum in JNEC, Jamaica, Guyana, Barbados, as well as, as I said before, the strong global momentum in aviation in the Caribbean.
Speaker #2: In Africa, the retail business should remain the key driver of performance, alongside bitumen, and more and more lubricants. You can see lubricants more and more in Africa, also becoming a significant contribution to our results.
Jean-Christian Bergeron: More and more lubricants. We can see lubricants more and more in Africa also becoming a significant contribution to our results. In Europe, we discussed about the launch of our bitumen operations. That started well, and it's encouraging. LPG is also performing strongly, and renewable electricity continues to develop.
Speaker #2: In Europe, we discussed the launch of our bitumen operations. It has started well, and it's encouraging. LPG is also performing strongly, and renewable electricity continues to develop.
Speaker #1: So you understand from Jean-Christian that we are confident to confirm we are aiming at €740 to €790 million EBITDA, within the framework of assumptions that you have here on the slide.
[CFO] (Rubis): You understand from Jean-Christian that we are confident to confirm we are aiming at EUR 740 to 790 million EBITDA within the framework of assumption that you have here on the slide. Meaning an hyperinflation impact unchanged versus 2025 and the constant EUR/USD rate. We thank you for your attention, and we are ready to take your questions.
Speaker #1: So, meaning, an hyperinflation impact unchanged versus 2025. And the constant euro, USD, rate. So, we thank you for your attention, and we are ready to take your questions.
Speaker #3: Thank you. If you wish to ask a question, please request to speak via the green icon, or type a question in the chat box.
Jean-Christian Bergeron: Thank you. If you wish to ask a question, please request to speak via the green icon or type a question in the chat box.
Speaker #1: So we have a few questions. So, first question from Emmanuel Matot: Are there any large countries that have decided to cut fuel prices, resulting in a RUBIS selling at a loss?
[CFO] (Rubis): We have a few questions. First question from Emmanuel Gauthier. Are there any large countries that have decided to cap fuel prices resulting in Rubis selling at a loss?
Speaker #4: Well, thank you, Emmanuel. Globally speaking, we—any tough situations, as far as cutting of prices is concerned, so we have said the usual countries.
Jean-Christian Bergeron: Well, thank you, Emmanuel. globally speaking, we didn't face so far any tough situations as far as capping of prices is concerned. We have the, how to say, the usual countries. Kenya is capping the price, but once again, it has no impact in terms of margins, because the fact of capping the prices is just putting the government of Kenya, for instance, under the subsidies that they have to pay us. Eventually, it might have a slight impact on our financing cost, but absolutely not in terms of unit margin.
Speaker #4: Kenya is cutting the price, but once again, it has no impact in terms of margins, because the fact of cutting the prices is just putting the governance of Kenya, for instance, under the subsidies that they have to pay to pay us.
Speaker #4: So eventually, it might have a slight impact on our financing, cost, but not absolutely not in terms of unit margin. And by the way, it's not a bad it's not necessarily a bad scenario, because when you have a cutting process being in place, it means that, for customers, it's, less painful, so it means the pressure on demand is less.
Jean-Christian Bergeron: By the way, it's not necessarily a bad scenario because when you have a capping process being in place, it means that for customers it's less painful, so it means the pressure on demand is less. I would say it's positive and negative at the same time. Positive because it maintains quite a high demand and a bit negative because it might increase our financing costs if governments are not willing to sign the subsidy. We have Kenya and Guyana a bit, but I think they are back to normal now. More or less, it was quite okay. Once again, you need to understand also that the key impact in terms of pricing will be more in April and not in March. Why?
Speaker #4: So, I would say it's positive and negative at the same time. Positive because it maintains quite a high demand, and it's negative because it might increase our financing cost if governments are not paying on time the subsidies.
Speaker #4: So we have Kenya, and Guyana a bit, but I think we are back to normal now. And, more or less, it was quite okay.
Speaker #4: But once again, you need to understand also that the key impacts in terms of pricing will be more in April, and not in March.
Speaker #4: Why? Because there's always a lag effect, and when the international prices are high, or they are increasing, like we saw it in March, the impact is more due to stock effect, due to the pricing formula that we have.
Jean-Christian Bergeron: Because there's always a lag effect, and when the international prices are high or they are increasing like we saw it in March, the impact is more due to stock effect, due to the pricing formula that we have. It's more on the month of April. You also asked how did April go. So far, April did quite okay. We had more pressure on the sales for sure. As I said, opportunities, first of all, because the prices now are a little bit higher, and also because the precautionary purchases that March talked about obviously means when the tank, the tanks are full, you buy a bit less in April.
Speaker #4: It's more on the month of April. So you also ask, how did April go? So, so far, April did quite okay. We had more pressure on the sales, for sure, as I said.
Speaker #4: Unfortunately, first of all, because the prices now are getting a bit, higher, and also because, the, the precautionary purchase is that mark took about, obviously, it means when the tank, the tanks, are full, by you, you, you, you, you buy, a bit less in April.
Jean-Christian Bergeron: Nothing dramatic as such, but for sure the volumes that we saw in March might be a bit less in April. In terms of unit margin, so far, we don't have any significant issues. Let's see. It's a bit early to comment on April. April should be obviously a little bit lower margin in terms of volumes and margin.
Speaker #4: So, nothing dramatic as such, but for sure, the volumes that we saw in March might be a bit less in April. And in terms of unit margin, so far, we don't have any significant, significant issues.
Speaker #4: So, let's see. It's a bit early to, to, to, to comment on April, but April should be, should be, obviously a bit below, below margin in terms of, of volumes and margin.
Speaker #1: So, Emmanuel has also—what should we make of the Emmanuel remarks? Can you confirm that you are exploring opportunities for significant acquisitions? So, as I've mentioned previously, Emmanuel, the Group remains attentive to any opportunities that could make strategic sense and serve the economic interests of the shareholders.
[CFO] (Rubis): Emmanuel Gauthier asks also, what should we make of the M&A remarks? Can you confirm that you are exploring opportunities for significant acquisitions? As mentioned previously, Emmanuel Gauthier, the group remains attentive to any opportunities that could make strategic sense and serve the economic interest of the shareholders. You know, we have the leverage and the firepower to make acquisitions. This is our target to continue to expand. As usual, of course, if any potential option we consider or anything become concrete, you know, we would, of course, share it with you as we have always do. Jean-Pierre Meau, Romain Lemaire, could you please give us details about volumes and profitability in Haiti?
Speaker #1: You, you, you know we have the, the leverage and, and the, the firepower to, to make acquisitions, and, and, and this is, and this is our, our target, to, to continue to, to, to, to expand.
Speaker #1: And, and as usual, of course, if, any, potential option we consider, or, or anything, become concrete, you know, we would, we would, of course, share it, with you as we have, always do.
Speaker #1: Jean-Luc Romin, could you please give us details about volumes and profitability in Haiti? How does it compare to what RUBIS would consider a normal situation in Haiti?
[CFO] (Rubis): How does it compare to what Rubis would consider a normal situation Haiti?
Jean-Christian Bergeron: Thank you, Jean-Pierre Meau. In Haiti, two things need to be mentioned. First of all, there is since a couple of months a rebound in the demand in the country. The situation has improved a bit. It's not completely technically back to normal. The situation in terms of security, even if it's still very tough, is now better under control. We can see that the business activities, economic activities are not back to normal, but are slightly improving. We are benefiting from that rebound in terms of demand. Also we are benefiting from the fact that we have set up a more efficient logistic organization. We bought some barges from the US.
Speaker #5: Thank you, Jean-Luc. In Haiti, two things need to be mentioned. First of all, there is, since a couple of months, a rebound in the demand in the country.
Speaker #5: The situation has improved a bit, or it's not really, definitely back to normal. But the situation in terms of security, even if still very tough, is now better under control.
Speaker #5: So we can see that the business activity, the economic activities are, are, not back to normal, but are, are, are, are, are slightly improving.
Speaker #5: So we are benefiting from that rebound in terms of demand. And also, we are benefiting from the fact that we, set up, a more efficient, logistic, organization.
Speaker #5: We brought, we, we brought some, barges, from the US, barges, kind of, a big, a big ship where you can, put, some trucks. So we, we load the trucks at our depot.
Jean-Christian Bergeron: Barges is kind of a big ship where you can put some trucks. We load the trucks at our depot. We put the trucks on the 2 barges that we have, and then we can move around the island and supply more, I would say more, supply safer locations. That has helped us a lot to increase our volumes. That is the main reason why now Haiti is on a good move. You have seen that United Nations is also keen to fight the gangs that are messing up the country. They have set up a suppression against suppression force.
Speaker #5: We put the trucks on the two barges that we have, and then we can move around the island and supply more, I would say, more, supply safer locations.
Speaker #5: So that has helped us a lot to increase our volumes. So that is the main reason why now Haiti is on a good, is on a good move.
Speaker #5: We, you have seen that the UN is also keen to fight the gangs that are messing up the country. They have set up a suppression, a gang suppression force, and already, I think, 1,000 soldiers from Chad have reached the country, and more are to come.
Jean-Christian Bergeron: Already, I think 1,000 soldiers from Chad have reached the country and more are to come. They are talking about 5,000 to 6,000 troops that should be going to Haiti in order to bring the situation more in a safer condition. We are quite hopeful. Obviously, we are monitoring that day after day. So far, 2025 was better. Q1 2026 is also better. We are quite confident that we should continue to recover in Haiti. Positive, positive developments are there.
Speaker #5: They are talking about 5,000 to 6,000 troops that should be going to Haiti in order to bring the situation more, in, in a safer condition.
Speaker #5: So, we are quite hopeful. Obviously, we are monitoring that day after day, but so far, 2025 was better. First quarter of '26 is also better.
Speaker #5: And we are quite confident that we should continue to recover in Haiti. So, positive, positive developments are there.
Speaker #1: Okay. So Jean-Luc had also a question on the load factor for Photosol in Q1, saying actually the 119 gigawatt-hour power production in Q1 implied a low load factor.
[CFO] (Rubis): Jean, you can answer a question on the load factor for Photovoltaic in Q1. Telling actually the 119 GW power production in Q1 implies a low load factor. Actually, the load factor in trend this year was the same as last year at the same time. The difference you see and the match is not perfect in terms of growth, just because actually we commissioned new plants at the end of the quarter. It's not directly you cannot calculate directly the load factor. The load factor was the same this year than last year in Q1. One question from Hubert d'Anterroches.
Speaker #1: a-actually, the load factor, in France this year, was the same as last year, at the same time. The, the, the, the difference you, you, you see, and the, the, the match is, is, is not perfect in, in terms of, of growth, just because actually we, we, we commissioned, new plants at the end of the quarter.
Speaker #1: So, so it, it's not directly—you, you cannot calculate directly the load factor—but the load factor was the same this year as last year in Q1.
Speaker #1: One question from Uber Maté. As the blockage of the almost trade broke through RUBIS, some business and deterrent can be considered as a windfall effect.
[CFO] (Rubis): Has the blockage of the Hormuz trade route brought Rubis some business in bitumen that can be considered as a windfall effect? If so, when things normalize, hopefully, what are the odds that Rubis can keep that opportunity to gain market share?
Speaker #1: If so, when things normalize—hopefully—what are the odds that RUBIS can keep that opportunity, or opportunistically gain market share?
Jean-Christian Bergeron: Thank you Hubert, and good morning. It's a good question. We don't have so far any significant windfall effect. I think, first of all, our products coming from Mediterranean are not going through the Hormuz Middle East region. We are quite safe in terms of reliability of supply. I think the good momentum we have is really driven by the need for more infrastructure in Africa. We are just benefiting from a global positive environment. No significant windfall effect to gain. A bit in Belgium with some, I would say a positive spot effect that has enabled Rubis to be competitive in that highly competitive market. Once again, nothing significant.
Speaker #5: Thank you. Very good morning. It's a good question. We don't have, so far, any significant windfall effect. I think, first of all, our project is coming from NED, and we're not going through the, the, the trois, the almost needed, the Middle East.
Speaker #5: Region, so we are quite, quite safe in terms of reliability of supply. So I think the good momentum we have is mainly driven by the need for more infrastructure in Africa.
Speaker #5: So, we are just benefiting from a global, positive environment. So, no significant win, windfall effect again. A bit in Belgium, with some, I would say, positive effects that have enabled RUBIS to be competitive in that highly competitive market, but once again, nothing—no, nothing significant.
Jean-Christian Bergeron: We are not expecting, if the situation normalizes, any back move. Once again, it's a very solid and robust business model. We have a supply chain, you know it, with the ownership of our vessels, with a full integration of our supply chain with proximity to our customers. We have depots, we have everything in place, and we have a good expertise of the bitumen business. That is what gives us the confidence that the business will continue to grow. That's also why we decided to enter into Europe. Once again, a highly competitive market because we feel that we have the strength to grow market share in that highly competitive, but once again, extremely big market.
Speaker #5: So, we are not expecting, in the situation normalize, any, any, bad move. Once again, it's a very solid and robust business model. we have, a supply chain, you know it, with, ownership of, of our vessels, with a, a full, integration of our supply chain with proximity to our customers, we have depot, we have, everything in place, and we have a, a good expertise of, of the B2N business.
Speaker #5: So that is what gives us the confidence that the business will continue to grow. And that is also why we decided to enter into Europe once again, a highly competitive market, because we feel that we have the strength to grow market share in that highly competitive, but once again, extremely big market.
Speaker #5: So, results are not, I would say, conjunctural. They are definitely structural, and we are very happy about our B2N business, and we'll do everything possible to continue to grow the business.
Jean-Christian Bergeron: Results are not, I would say, consequential. They are definitely a control, and we are very happy about our bitumen business, and we will do everything possible to continue to grow that business.
Speaker #1: We have another question from Christophe Descamps. Why is the renewable pipeline decreasing by 5% in Q1 versus 2025? Actually, here, you have two effects.
[CFO] (Rubis): We have another question from Christopher Zyde. Why is the renewable pipeline decreasing by 5% in Q1 versus 2025? Actually, here you have two effects. On the first one actually is you have some projects going from development to secured portfolio. You know that the secured portfolio increased by 32% versus last year. This decrease is a good news. Also, you know, with the PPE3 announcement. As mentioned last year, the ambition in France decreased a little bit. We decided to be more selective, more picky in the projects that enter in the pipe.
Speaker #1: On the first one, actually, is that you have some projects going from development to secure portfolio, and you know that the secure portfolio increased by 32% versus last year.
Speaker #1: And, so that's, that's, that's, that's—this decrease is good news. And, and also, you know, with the PP3 announcement—so, as mentioned last year, the ambition in France decreased a little bit.
Speaker #1: So we decided to be more, selective, more picky in the, the projects that enter in, in, in, in, in the pipe. so the reason of, of a new, new project, entering the pipe is, w-would be, would be lower.
[CFO] (Rubis): The rhythm of a new project entering the pipe will be lower.
Operator: As a reminder, if you wish to ask a question, please request to speak via the green icon or type a question in the chat box.
Speaker #5: We don't have any more.
Speaker #6: As a reminder, if you wish to ask a question, please request to speak via the green icon or type a question in the chat box.
[CFO] (Rubis): It seems that we have nothing more question. We thank you for your attention and feel free to contact Clémence Mignot-Dupeyrot of course if you have any additional question. Our next events are our shareholders meeting on 10 June. Our H1 will be published on 8 September. Also we have some governance roadshow occurring now. You can download the presentation on our website if you want to have more information about our governance. Thanks again for your attention.
Speaker #1: It seems that we have nothing more—questions. So we thank you for your attention, and feel free to contact Clémence, of course, if you have any additional questions.
Speaker #1: And our next events are our shareholders' meeting, on, June the 10th. and, and our H1 will be published on, September, the 8th. also, so we, we have some, government, governance, workshop, occurring, now.
Speaker #1: And so you can download the presentation on our website if you want to have more information about our governance. Thanks again for your attention.
Jean-Christian Bergeron: Thank you. Good day.
