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Investing.com -- French energy company Rubis reported a 24% increase in net income for the first half of 2025, despite a 2% decline in sales during the period.
The company’s strong bottom-line performance was primarily attributed to the absence of foreign exchange headwinds and lower debt costs. The "other finance income & expenses" line in the profit and loss statement improved significantly from -€32.7 million in H1 2024 to just -€1.6 million in H1 2025.
Despite higher debt levels at its Photosol renewable energy unit, which increased 15% to €494 million as part of its asset portfolio extension strategy, Rubis saw its cost of net financial debt decrease by 27%, from €44 million to €32 million. This reduction was driven by falling interest rates, particularly in Kenya.
Capital expenditure rose 59% to €164 million in the first half, with renewables seeing the largest increase at 163% to €91 million. The Energy Distribution division’s capital spending grew by a more modest 7%.
Operational performance showed mixed results across segments. LPG volumes increased 2%, with Autogas in Europe maintaining strong momentum and Morocco resuming volume growth in the second quarter after a decline in Q1. Unit margins also improved by 2%.
Fuel volumes grew 2%, led by retail (up 5%) and commercial and industrial segments (up 8%), while aviation volumes fell 9%. Bitumen volume surged 36%, benefiting from a recovery in Nigeria and supply difficulties experienced by a competitor, though the company noted this performance is not expected to be a long-term trend.
Photosol, the company’s renewable energy subsidiary, installed 84MW of capacity during the period, bringing its total operational portfolio to 607MW. Electricity production increased 22% to 268GWh, driving a 27% rise in Photosol sales to €31 million.
The company’s net debt to EBITDA ratio stood at 2.1x at the end of H1 2025, or 1.4x excluding Photosol’s non-recourse debt.
Rubis reaffirmed its full-year 2025 guidance, projecting EBITDA between €710-760 million. This forecast assumes the impact of hyperinflation will remain unchanged from fiscal year 2024, when it affected EBITDA by €24 million. The company also maintained its 2027 ambitions for Photosol.
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