Strong start to the year

Rubis reported a strong start to 2026, with Q1 performance underpinned by double-digit volume growth and higher margins across its core energy distribution activities. Total energy volumes increased by 12% y-o-y, primarily driven by a 44% surge in bitumen volumes following the ramp-up of European operations. Retail momentum remained robust in Africa and the Caribbean, while the renewable energy portfolio reached 1.5GWp. Management reaffirmed its FY26 EBITDA guidance of €740–790m, citing no material impact from current geopolitical tensions and April trading in line with expectations. We maintain our estimates and valuation at €42.0/share.