Reported Earnings • May 05
Full year 2025 earnings released: EPS: €2.99 (vs €3.30 in FY 2024) Full year 2025 results: EPS: €2.99 (down from €3.30 in FY 2024). Revenue: €6.53b (down 1.6% from FY 2024). Net income: €308.8m (down 9.8% from FY 2024). Profit margin: 4.7% (down from 5.2% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. Bekanntmachung • Apr 20
Rubis Announces Resignation of Ronald Sämann from Supervisory Board, Effective May 5, 2026 Rubis announced that on April 17, 2026, Ronald Sämann, who joined Rubis’ Supervisory Board following the 2024 Annual General Meeting for a three-year term, announced his decision to resign from the Board with effect from May 5, 2026 for personal reasons. Buy Or Sell Opportunity • Apr 08
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to €35.70. The fair value is estimated to be €29.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has grown by 8.8%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 4.6% per annum over the same time period. Bekanntmachung • Mar 13
Rubis Proposes Dividend for Fiscal Year 2025 Rubis proposed dividend for Fiscal Year 2025. For the period, the management proposes another increase in dividend per share to €2.07 (+2% vs 2024). Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: €2.98 (vs €3.30 in FY 2024) Full year 2025 results: EPS: €2.98 (down from €3.30 in FY 2024). Revenue: €6.53b (down 1.6% from FY 2024). Net income: €308.8m (down 9.8% from FY 2024). Profit margin: 4.7% (down from 5.2% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 10% per year. Bekanntmachung • Nov 05
Rubis to Report Q2, 2026 Results on Sep 08, 2026 Rubis announced that they will report Q2, 2026 results on Sep 08, 2026 Reported Earnings • Sep 10
First half 2025 earnings released: EPS: €1.58 (vs €1.25 in 1H 2024) First half 2025 results: EPS: €1.58 (up from €1.25 in 1H 2024). Revenue: €3.27b (down 1.9% from 1H 2024). Net income: €163.5m (up 26% from 1H 2024). Profit margin: 5.0% (up from 3.9% in 1H 2024). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Jun 10
Upcoming dividend of €2.03 per share Eligible shareholders must have bought the stock before 17 June 2025. Payment date: 19 June 2025. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 7.0%. Within top quartile of British dividend payers (5.6%). Higher than average of industry peers (5.9%). Declared Dividend • May 12
Final dividend of €2.03 announced Shareholders will receive a dividend of €2.03. Ex-date: 17th June 2025 Payment date: 19th June 2025 Dividend yield will be 9.3%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 7.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 4.3% over the next 3 years. However, it would need to fall by 32% to increase the payout ratio to a potentially unsustainable range. Bekanntmachung • May 06
Rubis, Annual General Meeting, Jun 12, 2025 Rubis, Annual General Meeting, Jun 12, 2025. Location: salle pleyel, 252 rue du faubourg saint honore, paris France Bekanntmachung • May 05
Rubis to Report Fiscal Year 2025 Results on Mar 12, 2026 Rubis announced that they will report fiscal year 2025 results on Mar 12, 2026 New Risk • May 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks High level of debt (44% net debt to equity). Large one-off items impacting financial results. Reported Earnings • May 02
Full year 2024 earnings released: EPS: €3.30 (vs €3.43 in FY 2023) Full year 2024 results: EPS: €3.30 (down from €3.43 in FY 2023). Revenue: €6.64b (flat on FY 2023). Net income: €342.3m (down 3.2% from FY 2023). Profit margin: 5.2% (down from 5.3% in FY 2023). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €26.95, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Gas Utilities industry in Europe. Total returns to shareholders of 33% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings released Full year 2024 results: Revenue: €6.64b (flat on FY 2023). Net income: €342.3m (down 3.2% from FY 2023). Profit margin: 5.2% (down from 5.3% in FY 2023). Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Gas Utilities industry in Europe. New Risk • Nov 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risk High level of debt (53% net debt to equity). Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €23.58, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Gas Utilities industry in Europe. Total loss to shareholders of 2.8% over the past three years. Reported Earnings • Sep 06
First half 2024 earnings released: EPS: €1.25 (vs €1.66 in 1H 2023) First half 2024 results: EPS: €1.25 (down from €1.66 in 1H 2023). Revenue: €3.34b (flat on 1H 2023). Net income: €129.5m (down 24% from 1H 2023). Profit margin: 3.9% (down from 5.1% in 1H 2023). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Bekanntmachung • Jun 20
Rubis to Report Fiscal Year 2024 Results on Mar 13, 2025 Rubis announced that they will report fiscal year 2024 results After-Market on Mar 13, 2025 Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €27.14, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Gas Utilities industry in Europe. Total loss to shareholders of 13% over the past three years. Upcoming Dividend • Jun 07
Upcoming dividend of €1.98 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 18 June 2024. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of British dividend payers (5.6%). In line with average of industry peers (6.4%). Declared Dividend • May 13
Dividend increased to €1.98 Dividend of €1.98 is 3.1% higher than last year. Ex-date: 14th June 2024 Payment date: 18th June 2024 Dividend yield will be 6.3%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has increased by an average of 7.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 10% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Bekanntmachung • May 09
Rubis Reiterates Earnings Guidance for the Year 2024 Rubis reiterated earnings guidance for the year 2024. Net income Group share should remain stable despite the first-time application of the Global Minimum Tax representing an impact estimated between €20 million and €25 million. Reported Earnings • May 05
Full year 2023 earnings released: EPS: €3.43 (vs €2.56 in FY 2022) Full year 2023 results: EPS: €3.43 (up from €2.56 in FY 2022). Revenue: €6.63b (down 7.1% from FY 2022). Net income: €353.7m (up 35% from FY 2022). Profit margin: 5.3% (up from 3.7% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Bekanntmachung • Apr 11
I Squared Capital Advisors, LLC reached an final agreement to acquire remining 55% stake in Rubis Terminal B.V. from Rubis (ENXTPA:RUI). I Squared Capital Advisors, LLC reached an final agreement to acquire remining 55% stake in Rubis Terminal B.V. from Rubis (ENXTPA:RUI) on April 10, 2024. The transaction remains subject to the customary regulatory approvals, including those of the antitrust authorities and foreign investment committees. The closing of the transaction is expected for mid-2024. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €31.60, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Gas Utilities industry in Europe. Total loss to shareholders of 6.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €22.19 per share. Bekanntmachung • Mar 21
I Squared Capital Seeks Buyout of French Rubis’ Storage Arm US private equity firm I Squared Capital Advisors, LLC said it has started exclusive talks to acquire the remaining stake in Rubis Terminal SA, the storage arm of French energy group Rubis (ENXTPA:RUI). The transaction concerns the remaining 55% shareholding which the US firm seeks to acquire at an equity value of EUR 375 million (USD 407.0 million). Rubis Terminal is active in the bulk liquid and gas storage sector. It has four million cubic meters (141 million cu ft) of storage capacity across France, Spain and the Northern European hubs of Antwerp and Rotterdam. I Squared took a 45% stake in the business in January 2020. That deal gave the unit an enterprise value of EUR 1 billion. “With facilities at the heart of some of the most important trading hubs in Europe, Rubis Terminal plays a critical role in supporting the energy transition and ensuring security of supply,” said Mohamed El Gazzar, senior partner at I Squared. Reported Earnings • Mar 09
Full year 2023 earnings released: EPS: €3.43 (vs €2.56 in FY 2022) Full year 2023 results: EPS: €3.43 (up from €2.56 in FY 2022). Revenue: €6.63b (down 7.1% from FY 2022). Net income: €353.7m (up 35% from FY 2022). Profit margin: 5.3% (up from 3.7% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 2 years compared to a 1.6% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Bekanntmachung • Nov 22
Rubis to Report First Half, 2024 Results on Sep 05, 2024 Rubis announced that they will report first half, 2024 results on Sep 05, 2024 Bekanntmachung • Nov 08
Rubis Reaffirms Earnings Guidance for the Year 2023 Rubis reaffirmed earnings guidance for the year 2023. The group is thus able to reaffirm 2023 will be another year of improving net income Group share vs 2022 (adjusted for goodwill impairment). Bekanntmachung • Oct 26
Rubis to Report Q3, 2023 Results on Nov 07, 2023 Rubis announced that they will report Q3, 2023 results on Nov 07, 2023 Reported Earnings • Sep 11
First half 2023 earnings released: EPS: €1.66 (vs €1.65 in 1H 2022) First half 2023 results: EPS: €1.66 (up from €1.65 in 1H 2022). Revenue: €3.32b (up 1.0% from 1H 2022). Net income: €170.6m (flat on 1H 2022). Profit margin: 5.1% (down from 5.2% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 1.0% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Bekanntmachung • Sep 08
Rubis Reaffirms Earnings Guidance for the Year 2023 Rubis reaffirmed it is confident that 2023 will be another year of improving net income Group share vs 2022 (adjusted for goodwill impairment). Buying Opportunity • Sep 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €27.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 9.9%. For the next 3 years, revenue is forecast to decline by 1.2% per annum. Earnings is forecast to grow by 12% per annum over the same time period. Bekanntmachung • Aug 01
Rubis Announces Board Changes Rubis Supervisory Board was convened on 27 July 2023 to appoint its new Chair, succeeding to Olivier Heckenroth. Board members have unanimously designated Nils Christian Bergene, independent member, as Chairman of the Board. He remains Chairman of the Accounts and Risk Monitoring Committee and member of the Compensation and Appointments Committee. The Supervisory Board has also designated Marc-Olivier Laurent, independent member, as Deputy Chairman of the Board. Nils Christian Bergene is a Norwegian citizen and graduated from Sciences Po Paris and Insead. He began his career in 1979 at BRS in Paris as a maritime charter broker before returning to Norway where he headed various maritime companies within the Kvaerner industrial group for eight years. Since 1993, he has been operating as an independent maritime charter broker through Nitrogas, the company he cofounded. Nitrogas specialises in trading and transport of liquefied natural gas (LNG), liquefied petroleum gas (LPG) and ammonia for large international groups. Marc-Olivier Laurentis a graduate of HEC and holds a PhD in African social anthropology from Paris-Sorbonne University. Between 1978 and 1984, he was responsible for investments at Institut de Développement Industriel (IDI). From 1984 to 1993, he headed the M&A, Corporate Finance and Equity division of Crédit Commercial de France. He joined Rothschild & Co in 1993 as Managing Director, and then Partner. Until 2022, he was Managing Partner de Rothschild & Co Gestion and Executive Chairman de Rothschild & Co Merchant Banking. He is currently Chairman of the Supervisory Board of Rothschild & Co and Managing Partner of the Five Arrows Long Term fund. Bekanntmachung • Jul 18
Rubis, Annual General Meeting, Jun 11, 2024 Rubis, Annual General Meeting, Jun 11, 2024. Bekanntmachung • Jun 27
Olivier Heckenroth Decides to Resign from Chairman of the Supervisory Board, Membership of the Accounts and Risk Monitoring Committee and of the Compensation and Appointments Committee of Rubis Rubis at its shareholder meeting held on June 8, 2023, Mr. Olivier Heckenroth has considered that the approval rate of the renewal of his mandate of Supervisory Board member by the Shareholders' Meeting was not high enough to enable him to fulfil his mission of Chairman of the Supervisory Board. He has consequently decided to resign from the Chairmanship of the Supervisory Board and from his membership of the Accounts and Risk Monitoring Committee and of the Compensation and Appointments Committee (their independence rates being increased from 60% to 80% and from 50% to 66.67%, respectively). These decisions will come into force at the upcoming Supervisory Board meeting during which its members will appoint a new Chairperson. Upcoming Dividend • Jun 06
Upcoming dividend of €1.92 per share at 7.3% yield Eligible shareholders must have bought the stock before 13 June 2023. Payment date: 15 June 2023. Payout ratio is on the higher end at 75%, and the cash payout ratio is above 100%. Trailing yield: 7.3%. Within top quartile of British dividend payers (5.8%). Higher than average of industry peers (4.6%). Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: €2.56 (vs €2.86 in FY 2021) Full year 2022 results: EPS: €2.56 (down from €2.86 in FY 2021). Revenue: €7.13b (up 56% from FY 2021). Net income: €262.9m (down 10% from FY 2021). Profit margin: 3.7% (down from 6.4% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Buying Opportunity • Feb 03
Now 20% undervalued Over the last 90 days, the stock is up 9.5%. The fair value is estimated to be €32.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 5.7% in the next 2 years. Reported Earnings • Sep 09
First half 2022 earnings released: EPS: €1.65 (vs €1.33 in 1H 2021) First half 2022 results: EPS: €1.65 (up from €1.33 in 1H 2021). Revenue: €3.29b (up 60% from 1H 2021). Net income: €169.8m (up 25% from 1H 2021). Profit margin: 5.2% (down from 6.6% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €24.02, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Gas Utilities industry in Europe. Total loss to shareholders of 41% over the past three years. Upcoming Dividend • Jun 07
Upcoming dividend of €1.86 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 16 June 2022. Payout ratio is a comfortable 65% and the cash payout ratio is 94%. Trailing yield: 6.5%. Within top quartile of British dividend payers (4.8%). Higher than average of industry peers (4.9%). Reported Earnings • Mar 13
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €4.59b (up 18% from FY 2020). Net income: €293.0m (up 63% from FY 2020). Profit margin: 6.4% (up from 4.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Over the next year, revenue is forecast to grow 6.3% compared to a 2.3% decline forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 15% share price gain to €28.43, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Gas Utilities industry in Europe. Total loss to shareholders of 40% over the past three years. Reported Earnings • Sep 15
First half 2021 earnings released: EPS €1.33 (vs €0.38 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were flat. First half 2021 results: Revenue: €2.05b (flat on 1H 2020). Net income: €136.1m (up 261% from 1H 2020). Profit margin: 6.6% (up from 1.8% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Jun 09
Upcoming dividend of €1.80 per share Eligible shareholders must have bought the stock before 16 June 2021. Payment date: 08 July 2021. Trailing yield: 4.4%. Within top quartile of British dividend payers (4.0%). Lower than average of industry peers (5.9%). Reported Earnings • Mar 14
Full year 2020 earnings released: EPS €1.77 (vs €2.80 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €3.90b (down 25% from FY 2019). Net income: €180.0m (down 35% from FY 2019). Profit margin: 4.6% (down from 5.3% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 13% per year. Is New 90 Day High Low • Mar 10
New 90-day high: €41.56 The company is up 9.0% from its price of €37.96 on 10 December 2020. The British market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €30.12 per share. Is New 90 Day High Low • Jan 04
New 90-day high: €38.53 The company is up 20% from its price of €32.02 on 06 October 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €30.75 per share. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 15% share price gain to €34.26, the stock is trading at a trailing P/E ratio of 18.9x, up from the previous P/E ratio of 16.3x. This compares to an average P/E of 14x in the Gas Utilities industry in Europe. Total return to shareholders over the past three years is a loss of 34%. Is New 90 Day High Low • Oct 14
New 90-day low: €30.28 The company is down 26% from its price of €40.76 on 16 July 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €33.63 per share. Is New 90 Day High Low • Sep 19
New 90-day low: €36.08 The company is down 20% from its price of €45.24 on 19 June 2020. The British market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €33.77 per share. Reported Earnings • Sep 19
First half earnings released Over the last 12 months the company has reported total profits of €171.9m, down 31% from the prior year. Total revenue was €4.70b over the last 12 months, down 2.4% from the prior year. 
