Good evening, ladies and gentlemen. Thanks for joining us today for Rubis Q1 2026 trading updates.

You have here on the call Jean-Christian Bergeron, who is Managing Partner of Rubis and CEO of Rubis Énergie, and myself, Marc Jacquot, Managing Partner and CFO of the group. Let's have a look at our Q1 activity.

This quarter was one of 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 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. Since January, we launched our bitumen business in Europe, which is performing well.

In the renewable electricity production, our development continues in line with plans, with an increase of the secured portfolio of 6% versus December 2025 and 32% over a year, which is quite encouraging for the rest of the year. The [Cayres?]

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, and in the only region where we operate which could be at risk, which is East Africa, supply is handled directly by local governments.

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 confidence about 2026, and we reaffirm our guidance.

I am now handing the floor to JCB to go into further details of the activity.

Thank you, Marc. Good morning 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, volume 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, continued to deliver excellent performance is in both volume and margin.

Alors, what are the key drivers of this performance? LPG.

LPG, +5% volume and +9% gross margin. Activity was quite strong in Europe across all segment.

By segments, we mean bulk, cylinders notably, with Switzerland leading, driven by a very robust bulk demand. Growth also resumed in Portugal.

We had started in a bit in Portugal, but it's getting better now. Autogas remain 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 quarter. 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. 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 mainly our retail activities and a bit across our C&I, commercial and industrial, activities.

In the Caribbean, very dynamic activity, although margins were impacted by an unfavorable euro/USD translation effect. We're 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 segment, C&I, has also performed extremely well, mainly driven by Haiti and Kenya.

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, and we are not fighting too much to keep the volumes because it would definitely give us some very low, even sometimes negative margins.

We are just awaiting the end of that cycle before reengaging more actively in the different bidding processes. Bitumen, we talked a lot about bitumen.

It's again one of the main achievements for the quarter first quarter 2026. You can see impressive numbers: +44% volume, +49% gross margin.

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 Jan—and we are now quite on the right mode to deliver the targets that we've set to ourselves. Obviously we have also a continued expansion in Africa, where in Africa only, volumes grew by 18%.

Again, the quarter marks 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. South Africa, for instance, stood out, supported by additional storage capacity that we commissioned in Durban.

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 comment on support and services.

You can see 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. Nothing as such that we should be worried again about.

Now let's turn to Rubis Photosol. Again, good news.

The secured portfolio reached 1.5 GW, up 6% versus last year, end of last year, and 32% year-on-year. Revenue amounted to €12 million compared with €11 million last year, it's a +14% growth.

This growth is slightly lower than the increase in operating assets, but mainly due to timing effects in the commissioning of new solar farms. 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, and once again, it definitely highlights the strength 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, 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, and 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.

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, meaning an hyperinflation impact unchanged versus 2025 and constant euro/USD rates. We thank you for your attention, and we are ready to take your questions.

We have a few questions. First question from Emmanuel Matot: Are there any large countries that have decided to cap fuel prices, resulting in Rubis selling at a loss?

Thank you, Emmanuel. Globally speaking, we didn't face so far any tough situations as far as capping of prices is concerned.

We have, 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 subsidies that they have to pay us.

Eventually it might have a slight impact on our financing costs, but not absolutely not in terms of unit margin. 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, it means the pressure on demand is less.

I would say it's positive and negative at the same time: positive because it maintain quite a high demand, and a bit negative because it might increase our financing cost if governments are not paying on time the subsidy. We have Kenya and Guyana a bit, but I think we're back to normal now, and more or less that's 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?

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 ask how did April go. Far, April did quite okay.

We had more pressure on the sales for sure, as I said, for two reasons: first of all, because the prices now are getting a bit higher, and also because the precautionary purchases that Marc talked about obviously means when the tanks are full, you buy a bit less in April. 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 issue.

Let's see. It's a bit early to comment on April, but April should be obviously a bit below March in terms of volumes and margin.

Emmanuel asks also: What should we make of the M&A rumors? Can you confirm that you are exploring opportunities for significant acquisitions?

As mentioned previously, Emmanuel, the group remains attentive to any opportunities that could make strategic sense and serve the economics interest of the shareholders. You have the leverage and the firepower to make acquisitions, and this is our target to continue to expand.

As usual, of course, if any potential option we consider or anything become concrete, we would of course share it with you as we have always do. Jean-Luc Romain: 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?

Thank you, Jean-Luc. In Haiti, two things need to be mentioned.

There is since a couple of months a rebound in the demand in the country. The situation has improved a bit.

It's not definitely back to normal. The situation in terms of security even if still a bit 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, and also we are benefiting from the fact that we have set up a more efficient logistic organization. We brought some barges from the US, barges, a kind of a big ship where you can put some trucks.

We load the trucks at our depot, 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 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 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. They're talking about 5 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-to-day, but so far 2025 was better, first quarter of 2026 is also better, and we are quite confident that we should continue to recover in Haiti.

Positive development so far. Jean-Luc

had also a question on the load factor for Photosol in Q1, telling actually the 119 GW power production in Q1 implies a low load factor. Actually, the load factor in France 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 gross just because actually we commissioned new plants at the end of the quarter, it’s not a 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 Mathet: Has the blockage of the Ormuz Strait brought to 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 opportunistically gained market share?

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 product is coming from Med and is not going through the détroit d'Ormuz neither the Middle East region, we are quite safe in terms of reliability of supply.

I think the good momentum we have is mainly 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, positive stock effect that has enabled Rubis to be competitive in that highly competitive market, but once again, nothing significant. We are not expecting, if the situation normalize, any bad move.

Once again, it's a very solid and robust business model. We have a supply chain, with ownership of our vessels and with a full integration of our supply chain with proximity to our customers.

We have depot, 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, and 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.

Results are not, I would say, conjoncturel, they are definitely structural, and we are very happy about our bitumen business, and we'll do everything possible to continue to grow that business.

We have another question from Christophe de Caen: Why is the renewable pipeline decreasing by 5% in Q1 versus 2025? Actually, here you have two effects.

The first one, actually, is you have some projects going from development to secure portfolio, and the secure portfolio increased by 32% versus last year, and so this decrease is a good news. Also, with the PPE 3 announcements, as mentioned last year, the ambition in France decreased a little bit, we decided to be more selective, more picky in the projects entering in the pipe, the rhythm of new projects entering in the pipe would be lower.

We don't have any more...

It seems that we have nothing more questions. We thank you for your attention, and feel free to contact Clémence, of course, if you have any additional questions.

Our next events are our shareholders meeting on June the 10th and our H1 will be published on September the 8th.

Also, we have some government governance roadshow occurring now, 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.

Thank you. Good night.