(AOF) – In the first quarter of 2025, Rubis turnover increased by 2% to 1.697 billion euros. For the activity “distribution of energies, sales over this period increased by 2% to 1.687 billion euros. Sales volumes and the gross margin per product (LPG, fuel, bitumen) on this segment each increased by 4% amount to 1.552 billion euros and 218 million euros respectively. On the” Renewable electricity production “segment (Photosol) 2025 amounted to 11 million euros, up 28 %.
On this segment, the group benefited from the expansion of the portfolio and a higher load factor.
Photosol has commissioned 12 MWC (Megawatt-Rête), bringing its assets in operation to 535 MWC, or growth of 19% in annual shift. The secure portfolio increased by 22% to 1.1 GWC (Gigawatt-Rête) with 53 MWC of new secure projects in the first quarter of 2025. The pipeline reached 5.7 GWC (+21% in annual shift).
“The first quarter of 2025 demonstrates Rubis resilience and its ability to achieve solid performance in a difficult global environment. Our energy distribution activities have recorded strong growth in all regions, while Photosol has respected its objectives,” said Clarisse Gobin-Swiecznik, manager.
Ruby 2025 forecasts remain unchanged. The group’s Ebitda is still expected between 710 and 760 million euros.
The company confirms that none of activities is directly concerned by the current customs duties crisis. The group operates in the United States or in China.
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Key points:
– Number one French of the LPG distribution, with national positions of n ° 1 or in most of its locations, created in 1990;
– turnover of € 6.6 billion achieved at 99 % in energy distribution and supports & services and, since the acquisition in 2022 of Photosol, the production of renewable electricity;
– Strong international presence, balanced between Africa for 38%, the Caribbean for 49% and Europe (France, Spain and Portugal);
– Business model: Willingness to become a major player in renewable electricity production in France funded by the cash surpluses of the energy distribution activity;
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Capital exploded but not madeable, due to the presence of partners commanded and managers with 2.28 % of the shares (Gilles Gobin and Jacques Riou), the Marcel Dassault group being 1
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A shareholder with 5.71% of the titles, Christian Bergene presiding over the supervisory board of 12 members, Jacques Riou, Clarisse Gobin-Swiecznik being manager.
Challenges
– Agility of the business model:
– Low exposure to the economic cycle and decentralization via short circuits and the autonomy of managers,
– voluntarism in renewable with a portfolio of secure projects of 1 GWC,
– deployment of synergies between renewables and energy distribution,
– Lightening of equity and working capital requirements by joint venture for the storage of liquid products (€ 13.3 million from contribution to net profit);
– Environmental strategy for 2030 a decline of 30 % vs 2019 CO2 emissions:
– focusing on the prevention of water and soil pollution, the drop in discharges, the desalination of sea water from the Antilles refinery, the circular economy,
– integrated into the economic model: use of PL as transitional energy in Africa, promotion of less carboned energies (liquefied gas, biofuel), diversification in renewable;
– Visibility of income and operational results in the distribution of energy (contracts linked to variations in gross course) increased by duration -20 years- Photosol contracts, facilitating active external growth: acquisition of 18.5 % in France Hydrogen (n ° 1 in the world of wind or solar electricity associated with hydrogen batteries), buyouts of French ENER 5 (solarization of industrial sites and parking lots) and 10 solar projects in Italy;
– Mastered financial structure: net debt of € 1.5 billion at the end of June, giving a lever effect of 2.1
Challenge
– Exchange sensitivity, especially African currencies;
– Evolution of stock market valuation, boosted at the start of the year by the interest of the Bolloré group and the Mollis family, then affected by the announcement of disappointing half -yearly results;
– Resolution of difficulties in Kenya and Nigeria, harmful to profitability Su 1
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semester ;
– ambitions for photovoltaic installations: portfolio of secure projects of more than 2.5 GWC in 2025 & 3.5 GWC in 2030, and contribution of – 10 % for operating profit;
– after stability of the operating profit and a withdrawal of 4 % of net profit at 1
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Semester, target 2024 of a gross operating profit from € 725 to € 775 million and stability in net profit, affected by the 1
era
Application of the minimum tax tax;
– Dividend of € 2023 of € 1.98 and confirmation of future distribution growth.
