Rubis has reported stronger underlying earnings in 2025 as improved margins in Africa and lower financing costs offset currency volatility, with Kenya remaining the group’s largest market on the continent.
- •The French energy distributor posted €741 million (KSh 112.2 billion) in EBITDA for the year ended December 2025, up 3% from €721 million a year earlier.
- •Net income attributable to shareholders reached €309 million (KSh 46.8 billion), while underlying profit rose 19% year-on-year once the 2024 capital gain from the disposal of Rubis Terminal is excluded.
- •Kenya continued to anchor Rubis’ African operations with the company generating €870 million (KSh 131.7 billion) in revenue from the country in 2025, down 9.8% from €964 million (KSh 129.9 billion) a year earlier.
Group revenue declined 2% to €6.53 billion (KSh 989.1 billion) from €6.64 billion (KSh 892.2 billion) in 2024, reflecting the impact of weaker dollar translation against the euro. Operating cash flow increased 10% to €735 million (KSh 111.3 billion).
Africa remained a major contributor to earnings. Regional EBITDA rose 10% to €188 million (KSh 28.5 billion), supported by stronger retail margins, the recovery of bitumen demand in Nigeria and improved pricing conditions in East Africa.
The group said profitability in Kenya improved following an adjustment to the regulated fuel pricing formula during the year. Retail volumes also remained strong as Rubis continued expanding its service station network. Rubis also cited improved management of local borrowing in Kenya as a key driver behind lower financing costs. The group’s cost of net financial debt fell 25% to €78 million (KSh 11.8 billion) in 2025.
Currency volatility also eased. Rubis recorded significant foreign exchange losses in 2024 linked to the Kenyan shilling and Nigerian naira, but said hedging measures introduced last year prevented similar losses in 2025.
Kenyan subsidiaries had previously held €34.7 million (KSh 4.7 billion) in government bonds issued to oil marketers after the state converted unpaid fuel subsidy arrears into Treasury securities. The company sold the bonds during 2025.
Across its global operations, Rubis sold 6.35 million cubic metres of petroleum products in 2025, up 6% from the previous year. Fuel volumes rose 4%, while bitumen volumes jumped 28%, reflecting renewed road construction demand in several African markets. The group also expanded its renewable energy arm, Photosol. Installed solar capacity increased 21% to 633 MWp, with electricity production rising to 558 GWh.
Rubis expects group EBITDA of between €740 million and €790 million (KSh 112.1 billion to KSh 119.7 billion) in 2026 as retail margins improve across Africa and energy demand remains firm.
