Rubis — Positive Q3 trading update

Rubis has provided an encouraging Q325 trading update that once again underscores the benefits of the company’s diversified business model and the defensive nature of its stock. Against the backdrop of volatile commodity prices and adverse forex moves the company reported a 3% y-o-y reduction in total revenues to €1,581m, supported by a 6% increase in volumes in its key Retail and Marketing division, which in turn saw broadly flat revenues and a 9% rebound in gross margin. Rubis reaffirmed its FY25 guidance, noting strong operational momentum. We have tweaked our estimates slightly, maintaining our valuation at €37.0/share.