HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2024

GROUP ACTIVITY REPORT FOR THE FIRST HALF OF 2024	1
ACTIVITY REPORT	2
OUTLOOK FOR THE SECOND HALF OF 2024	9
DESCRIPTION OF THE MAIN RISKS AND CONTINGENCIES FOR THE REMAINING SIX MONTHS OF THE YEAR	9
EVENTS AFTER THE REPORTING PERIOD	9
KEY TRANSACTIONS WITH RELATED PARTIES	9
CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2024	11
STATUTORY AUDITORS' REPORT	43
DECLARATION OF RESPONSIBLE OFFICERS	45

This document is a translation into English of the Half-Year Financial Report of the Company issued in French and is available on the website of the issuer.

GROUP ACTIVITY REPORT FOR THE FIRST HALF OF 2024

ACTIVITY REPORT	2
OUTLOOK FOR THE SECOND HALF OF 2024	9
DESCRIPTION OF THE MAIN RISKS AND CONTINGENCIES FOR THE REMAINING SIX MONTHS OF THE YEAR	9
EVENTS AFTER THE REPORTING PERIOD	9
KEY TRANSACTIONS WITH RELATED PARTIES	9

ACTIVITY REPORT

Solid operating performance after a record H1 2023, underpinned by a continued high level of activity in the Caribbean
- o High cash flow generation: Operating cash flow1 at €͵ͷʹm, up % vs (ͳ ʹͲʹ͵
- o EB)TDA at €͵ͷ8m, stable yoy on a comparable basis2, -12% vs H1 2023
- o Net income Group share at €ͳ͵Ͳm, -4% on a comparable basis, -24% vs H1 2023
Healthy balance sheet : 1.6x corporate net financial debt/EBITDA3
2024 Guidance reiterated – renewed confidence in dividend growth

H1 2024 results4 highlights

• Energy Distribution:

o Retail & Marketing Volume up Ͷ%, gross margin at €Ͷͳm down % ȋ+Ͳ% LFL⁵),
- Continued strong performance of Retail, C&I and Aviation businesses in the Caribbean, driven by the booming development of Guyana, the increase in airlines frequencies in Barbados and the dynamism of Jamaica.
- Eastern Africa: Kenya saw a very dynamic first-half on the aviation side, with increased flights combined with superior customer service. This significant uptake was not sufficient to absorb the headwinds to the retail business over this first-half (protests, floods, economic downturn and FX volatility), leading to an overall lacklustre performance.
- The Bitumen activity was particularly strong in South Africa but continued to be dragged on by the political context in Nigeria. Margins stood at a comfortable level.
o Support & Services Gross margin down 8%, after a very high H1 2023
- Bitumen supply volume showed lower levels in Q2 vs Q2 2023 with low demand for bitumen trading in the US.
- H1 2023 saw important crude deliveries, generating a time lag with 2024, which should catch up over the year.

• Renewable Electricity Production:

o Secured portfolio at 1 GWp, up 55% yoy.
o EB)TDA at €ͳͳm, up ͳʹ% yoy .
o Acceleration of development costs to support Photosol's future growth.

¹ Operating cash flow before net financial costs and tax.

² On a comparable basis: taking into account non-recurring or exceptional elements – See appendix for further detail.

³ Debt excluding Photosol SPV project non-recourse debt; LTM EBITDA excluding IFRS 16 – lease obligations.

⁴ The Management Board, which met on 4 September 2024, approved the accounts for the first half-year 2024; these accounts were examined by the Supervisory Board on 5 September 2024. The Statutory Auditors have carried out a limited review of these financial statements, and their report on the interim financial information was issued on the same date.

⁵ LFL: Like-for-like i.e., excluding exceptional items and FX effects.

KEY FIGURES

CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2024

(in million euros)	H1 2024	H1 2023	Var %
Revenue	3,339	3,324	0%
EBITDA	358	409	-12%
o/w Energy Distribution	371	416	-11%
o/w Renewable Electricity Production	11	10	12%
EBIT	257	323	-20%
o/w Energy Distribution	284	341	-17%
o/w Renewable Electricity Production	-3	-1	158%
Net income, Group share	130	171	-24%
EPS (diluted), in euros	1.25	1.66	-25%
Cash flow before cost of net financial debt and tax	352	331	6%
Cash flow from operations	286	241	18%
Capital expenditure	103	132	-22%
o/w Energy Distribution	68	108	-37%
o/w Renewable Electricity Production	35	24	48%

(in million euros)	Jun-2024	Dec-2023	Var %
Net financial debt (NFD)	1,491	1,360	10%
NFD/EBITDA	2.1x	1.8x	0.2x
Corporate net financial debt(1) (corporate NFD)	1,079	992	9%
Corporate NFD/EBITDA	1.6x	1.4x	0.2x

(1) Corporate net financial debt – excluding non-recourse debt – see Appendix for further detail.

H1 2024 FINANCIAL PERFORMANCE

H1 2024 has seen a 12% decrease in EB)TDA to €͵ͷͺm and EB)T to €ʹͷm ȋ-20% yoy).

At Group level, financial charges have increased to reach €ͷͲm in (ͳ ʹͲʹͶ vs €͵m in (ͳ ʹͲʹ͵. This variation is explained by the increase in interest rates, and a higher debt at Photosol consistent with capacity in operation increase. As regards FX financial charges, they reached €͵ʹm over the first-half, vs a very high €ͺͲm ȋgrossȌ in (ͳ ʹͲʹ͵. Main contributors were Kenya ȋ€ͳ4mȌ and Nigeria ȋ€ͳͳmȌ where the currency was stable after the devaluation observed in January.

Profit before tax decreased by ͳͷ% and Net income Group share by ʹͶ% at €ͳ͵Ͳm.

Focus on elements to be taken into account to analyse variations on a comparable basis (see Appendix for further detail)

At EBITDA level, H1 2024 includes:

Compensation-related impacts ȋ)FRSʹ, among othersȌ: €ͳͷm
Advisory fees ȋstrategy and M&AȌ: €͵m

H1 2023 included:

Compensation-related impacts ȋ)FRSʹ, among othersȌ: €m
FX passthrough in Nigeria: €ȋʹͷȌm
Refund by the State of the ʹͲʹʹ revenue shortfall in Madagascar: €ȋͳͳȌm

When adjusted for these elements, EBITDA decreased by 1% yoy.

At EBIT level, two large bitumen vessels have seen their life expectancy reduced from 28 to 25 years due to more restrictive vetting policies, leading to an additional depreciation expense of €Ͷm for (ͳ ʹͲʹͶ as compared to (ͳ ʹͲʹ͵.

EBIT decrease on a comparable basis reduces to -5%.

For H1 2024, the impact of the OECD Global Minimum Tax first-time application reached approximately €ͳʹm.

Further to the announcement of the divestment of Rubis Terminal 55% stake, Rubis Terminal has been accounted for under IFRS 5 – Noncurrent assets held for sale since 31 March 2024. As a reminder, (ͳ ʹͲʹ͵ includes €ͷm related to Qʹ ʹͲʹ͵.

On a comparable basis, Net income Group share decreased by 4% over H1 2024.

The ͳͺ% increase in cash flow from operating activities to €ʹͺm illustrates the strength of operations. Cash flow generation before cost of net financial debt and tax stands at €͵ͷʹm, % higher than in H1 2023.

Rubis corporate net financial debt ȋcorporate NFDȌ reached €ͳ,Ͳͻm at the end of (ͳ ʹͲʹͶ, leading to a corporate NFD/EBITDA at 1.6x.

Capex reached €ͳͲ͵m, of which €͵ͷm were dedicated to Renewable Electricity Production. The remaining €ͺm are split between maintenance (80%) and growth and energy transition investments (20%) in the Energy Distribution business line.

ENERGY DISTRIBUTION

Retail & Marketing

The first half of 2024 saw volume increasing vs an already high H1 2023. When excluding the refund by the State of the 2022 revenue shortfall in Madagascar and the FX effect in Nigeria from ʹͲʹ͵, gross margin stayed stable at €Ͷͳm. EB)T landed at €ʹͲͲm, vs €ʹͶm in (ͳ ʹͲʹ͵ ȋ-19% yoy, -͵% on a comparable basisȌ. )n (ͳ ʹͲʹͶ, Capex decreased to €ͷͻm ȋ-15% yoy).

	Volume (in '000 m3)			Gross margin ȋin €mȌ			Adjusted Gross margin(1) ȋin €mȌ
			H1			H1
			2024			2024 vs			H1 2024
	H1	H1	vs H1	H1	H1	H1			vs H1
	2024	2023	2023	2024	2023	2023	H1 2024	H1 2023	2023
LPG	660	654	1%	158	158	0%	158	158	0%
Fuel	2,101	1,988	6%	214	231	-7%	214	219	-2%
Bitumen	212	225	-6%	44	59	-27%	44	34	27%
TOTAL	2,973	2,867	4%	416	448	-7%	416	411	1%

VOLUME SOLD AND GROSS MARGIN BY PRODUCT IN H1

(1) Adjusted for exceptional items and FX effects.

LPG demand was overall stable over the first-half, autogas in Europe and bulk in Morocco, compensating for the softer demand in South Africa. Gross margin and unit margin remained stable, in line with volume.

As regards fuel:

The retail business (service stations representing 49% of fuel volume and 52% of H1 fuel gross margin) once again showed its resilience. Volume was stable over H1. Gross margin decreased by 23%, under separate effects:
- o H1 2023 had seen exceptional elements in Madagascar and in Kenya, leading to a particularly high comparable base on retail gross margins;
- o Retail activity in Kenya was under pressure in H1 2024, challenges including protests, floods and economic downturn weighed on performance. The Kenyan Shilling further appreciation in Q2 also had a negative impact on gross margin;
- o On the other hand, activity continued to be very dynamic in the Caribbean, with Jamaica, Antigua, Grenada, Dominica (where operations resumed in 2023), and Guyana performing way above expectations.
Following the same strong momentum started in Q1, the Commercial and Industrial business (C&I, representing 28% of fuel volume and 28% of H1 fuel gross margin) increased by 6% in volume, and 15% in gross margin, led by Guyana and Barbados.
The aviation segment (representing 20% of fuel volume and 17% of fuel gross margin) was very dynamic with volume growth reaching +32% over H1, and gross margin at +34%. This excellent performance was driven by Kenya, where the rationalisation of the aviation portfolio proved successful and margins were managed very efficiently in Q2, and by the Eastern Caribbean region, where airlines increased their frequencies.

Bitumen volume was down 6% yoy, mainly driven by Nigeria, partially offset by the strong performance of South Africa, Togo and Cameroon. When restated from the passthrough of FX impact to customers in H1 2023, gross margin showed a +27% increase yoy.

The table below provides volume and gross margin split by region for H1.

	Volume (in '000 m3)			Gross margin ȋin €mȌ			Adjusted Gross margin(1) ȋin €mȌ
			H1			H1
			2024			2024			H1 2024
	H1	H1	vs H1	H1	H1	vs H1			vs H1
	2024	2023	2023	2024	2023	2023	H1 2024	H1 2023	2023
Europe	464	451	3%	114	111	3%	114	111	3%
Caribbean	1,145	1,091	5%	167	146	14%	167	146	14%
Africa	1,364	1,326	3%	134	191	-30%	134	155	-13%
TOTAL	2,973	2,867	4%	416	448	-7%	416	411	1%

VOLUME SOLD AND GROSS MARGIN BY REGION IN H1

(1) Adjusted for exceptional items and FX effects.

Adjusted unit margin came in at ͳ͵ͻ€/m͵, down ͵% vs (ͳ ʹͲʹ͵.

EBIT BY REGION

(in million euros)	H1 2024	H1 2023	Var %
Europe	35	38	-8%
Caribbean	93	76	22%
Africa	72	133	-46%
TOTAL RETAIL & MARKETING	200	247	-19%

By region, the dynamics of this first-half were as follows:

Europe continues to benefit from its strong LPG positioning (LPG accounts for >90% of regional gross profit) This segment increased slightly (+4% in volume), driven by autogas in France and Spain, and bottles in Portugal. The overall margin was in line with volume growth at +3%. EBIT declined by 8%, but increased by 3% on a comparable basis, in line with volume and gross margin growth;
the Caribbean region remained buoyant, with volumes up 5%, despite the complicated situation in Haiti (volume: -24%). The C&I business performed particularly well, with optimal operating conditions, and +16% gains in unit margin. EBIT increased by 22%, led by Jamaica and Guyana;
lastly, in Africa, gross margin was down 13%, adjusted for the sequencing of payment in 2023 by the State of the ʹͲʹʹ revenue shortfall in Madagascar ȋ€ͳͳmȌ and the neutralisation of foreign exchange losses in Nigeria ȋ€ʹͷmȌ. The half-year was marked by difficult operating conditions in Nigeria and Kenya, combined with high volatility in foreign exchange rate in Kenya.

Support & Services

The Support & Services business recorded EB)T of €ͺͷm ȋ-10% yoy, -6% on a comparable basis) in H1 2024.

Volume (+3%) and margins (-8%) have shown resilience, after the record-high H1 2023. Q1 2023 had seen significant crude deliveries, while 2024 deliveries have experienced delays. The strong momentum observed in trading activity in the Caribbean in Q1 continued in Q2 with +22% in volume and +27% gross margin over the first-half, benefiting from the two vessels acquired in 2023.

The SARA refinery and logistics operations present specific business models with stable earnings profile.

Capex normalised at €ͻm ȋvs €͵ͻm in (ͳ ʹͲʹ͵, -77% yoy), as H1 2023 included the acquisition of two new LPG vessels in the Caribbean and one bitumen vessel.

RENEWABLE ELECTRICITY PRODUCTION

The level of assets in operation grew by 17% yoy at 460 MWp. The secured portfolio reached 1 GWp, up 55% yoy.

Revenue reached €ʹͶm over (ͳ ʹͲʹͶ, c. €Ͷm of which coming from direct sales to the market. When restated for these direct sales to the market, revenue was stable vs H1 2023, although Assets in operation grew by 17% yoy. EB)TDA reached €ͳͳm over (ͳ ʹͲʹͶ, hampered by:

weather-related effects (lower load factor, local hailstorms damaging panels);
decrease in spot prices, thereby downgrading the level of extra-revenue generated by plants temporarily benefitting from spot price;
acceleration of development costs to support Photosol's future growth.

Operational data	H1 2024	H1 2023	Var %
Assets in operation (MWp)	460	394	17%
Electricity production (GWh)	221	234	-5%
Sales ȋin €mȌ	24	25	-3%
EBITDA	11	10	12%
CAPEX	35	24	48%
Non-recourse project debt	412	360	20%

BULK LIQUID STORAGE

Further to the announcement of the divestment of Rubis Terminal 55% stake, Rubis Terminal has been accounted for under IFRS 5 - Noncurrent assets held for sale since 31 March 2024.

H1 2024 Net income Group share includes three months of Rubis Terminal contribution while H1 2023 included six months.

As of 30 June 2024, the completion of the sale of Rubis Terminal 55% stake is subject to the satisfaction of various closing conditions, including obtaining all the required administrative approvals. The corresponding capital gain will be included in Net income Group share at closing.

NON-FINANCIAL RATING

MSCI: AA (reiterated in Dec-23)
Sustainalytics: 30.7 (from 29.7 previously)
ISS ESG: C (from C- previously)
CDP: B (reiterated in Feb-24)

OUTLOOK FOR THE SECOND HALF OF 2024

After a very solid performance in H1 2024, the Caribbean region will continue to deliver strong growth. Europe positive operating momentum will also continue. The economic situation in Africa remains unstable, in Kenya in particular.

The acceleration of development costs in the Renewable division will weigh on 2024 and 2025 EBITDA, paving the way for future growth.

As a result, the guidance provided to the market for 2024 is reiterated with a Group EBITDA expected to reach €ʹͷm to €ͷm. Net income Group share should remain stable despite the first-time application of the Global Minimum Tax representing an impact estimated between €ʹͲm and €ʹͷm. Confidence in dividend growth is also renewed.

DESCRIPTION OF THE MAIN RISKS AND CONTINGENCIES FOR THE REMAINING SIX MONTHS OF THE YEAR

The main risks and contingencies to which the Group could be exposed are described in Chapter ͵ DzRisk Factors, internal control and insurancedz of the ʹͲʹ3 Universal Registration Document.

EVENTS AFTER THE REPORTING PERIOD

The Group announced on 19 July 2024 that its subsidiary Rubis Énergie SAS had signed its first ever US Private Placement (USPP) under French law with PGIM Private Capital ("PPC"), the private equity arm of PGIM Inc, the asset management company of Prudential Financial Inc, for \$ʹͷ million. Rubis Énergie SAS is to issue three series of €Ͳ million each senior unsecured bonds with bullet maturities of 8, 10 and 12 years.

Rubis Énergie retains nearly \$40 million available under the agreement for future issues over the next two years.

This new USPP financing enables Rubis to diversify its sources of financing while extending the current average maturity of its debt from three to five years and paves the way for other potential USPP transactions.

KEY TRANSACTIONS WITH RELATED PARTIES

There was no significant variation in the nature of transactions with related parties in the first half of 2024 compared with 31 December 2023 (see note 10.3 to the consolidated financial statements for the financial year ended 31 December 2023).

CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2024

CONSOLIDATED BALANCE SHEET	12
CONSOLIDATED INCOME STATEMENT	14
STATEMENT OF OTHER COMPREHENSIVE INCOME	15
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY	16
CONSOLIDATED STATEMENT OF CASH FLOWS	17
NOTES TO THE 2024 CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS	19

CONSOLIDATED BALANCE SHEET

ASSETS

(in thousands of euros)	Notes	30/06/2024	31/12/2023
Non-current assets
Intangible assets	8.2	100,207	90,665
Goodwill	8.1	1,734,497	1,659,544
Property, plant and equipment	9.1	1,798,763	1,746,515
Property, plant and equipment – right-of-use assets	9.2	240,624	230,764
Interests in joint ventures	7	25,496	310,671
Other financial assets	10.1	153,302	168,793
Deferred taxes		21,783	28,770
Other non-current assets		13,351	11,469
TOTAL NON-CURRENT ASSETS (I)		4,088,023	4,247,191
Current assets
Inventory and work in progress		711,087	651,853
Trade and other receivables	10.3	812,105	781,410
Tax receivables		29,718	34,384
Other current assets	10.2	63,262	42,214
Cash and cash equivalents		457,712	589,685
TOTAL CURRENT ASSETS (II)		2,073,884	2,099,546
TOTAL GROUP OF ASSETS HELD FOR SALE (III)	2	293,132	-
TOTAL ASSETS (I + II + III)		6,455,039	6,346,737

CONSOLIDATED BALANCE SHEET

EQUITY AND LIABILITIES

(in thousands of euros)	Notes	30/06/2024	31/12/2023
Shareholders' equity – Group share
Share capital	11	130,198	128,994
Share premium	11	1,561,561	1,553,914
Retained earnings		1,008,226	948,449
Total		2,699,985	2,631,357
Non-controlling interests		125,854	131,588
EQUITY (I)		2,825,839	2,762,945
Non-current liabilities
Borrowings and financial debt	13	1,222,918	1,166,074
Lease liabilities	13	213,620	200,688
Deposit		151,781	151,785
Provisions for pensions and other employee benefit obligations		45,664	40,929
Other provisions	14	157,010	137,820
Deferred taxes		80,336	83,659
Other non-current liabilities		145,445	148,259
TOTAL NON-CURRENT LIABILITIES (II)		2,016,774	1,929,214
Current liabilities
Borrowings and short-term bank borrowings (portion due in less than one year)	13	726,086	783,519
Lease liabilities (portion due in less than one year)	13	33,109	38,070
Trade and other payables		808,750	792,512
Current tax liabilities		27,428	25,245
Other current liabilities		17,053	15,232
TOTAL CURRENT LIABILITIES (III)		1,612,426	1,654,578
TOTAL EQUITY AND LIABILITIES (I + II + III)		6,455,039	6,346,737

CONSOLIDATED INCOME STATEMENT

(in thousands of euros)	Notes	Chg.	30/06/2024	30/06/2023
NET REVENUE	4	-%	3,338,885	3,324,412
Consumed purchases			(2,491,037)	(2,473,182)
External expenses			(269,370)	(247,080)
Payroll expenses			(149,898)	(125,593)
Taxes			(70,128)	(69,327)
GROSS OPERATING INCOME (EBITDA)		-12%	358,452	409,230
Other operating income			906	805
Net depreciation and provisions			(98,684)	(87,522)
Other operating income and expenses			(3,262)	624
CURRENT OPERATING INCOME	4	-20%	257,412	323,137
Other operating income and expenses	15		(882)	(5,260)
OPERATING INCOME BEFORE SHARE OF NET INCOME FROM JOINT VENTURES		-19%	256,530	317,877
Share of net income from joint ventures	7		5,344	6,308
OPERATING INCOME AFTER SHARE OF NET INCOME FROM JOINT VENTURES	4	-19%	261,874	324,185
Income from cash and cash equivalents			5,502	8,114
Gross cost of financial debt			(49,352)	(38,471)
COST OF NET FINANCIAL DEBT		44%	(43,850)	(30,357)
Interest expense on lease liabilities			(6,488)	(5,522)
Other finance income and expenses	16		(32,700)	(78,462)
PROFIT (LOSS) BEFORE TAX		-15%	178,836	209,844
Income tax	17		(44,655)	(32,438)
NET INCOME		-24%	134,181	177,406
NET INCOME, GROUP SHARE		-24%	129,503	170,624
NET INCOME, NON-CONTROLLING INTERESTS		-31%	4,678	6,782
Earnings per share (in euros)	18	-25%	1.25	1.66
Diluted earnings per share (in euros)	18	-25%	1.25	1.66

STATEMENT OF OTHER COMPREHENSIVE INCOME

(in thousands of euros)	30/06/2024	30/06/2023
TOTAL CONSOLIDATED NET PROFIT (LOSS) (I)	134,181	177,406
Foreign exchange differences (excluding joint ventures)	118,738	(112,878)
Hedging instruments	11,134	(6,644)
Income tax on hedging instruments	(2,876)	1,716
Financial assets at fair value through comprehensive income	(15,236)	(10,630)
Restatements due to hyperinflation	20,880	7,082
Taxes on restatements due to hyperinflation	(2,531)	(1,015)
Items recyclable in P&L from joint ventures	2,454	1,131
Items that will subsequently be recycled in P&L (II)	132,563	(121,238)
Actuarial gains and losses	(3,849)	(675)
Income tax on actuarial gains and losses	165	14
Change in fair value of buyback option on non-controlling interests	(3,900)	(3,800)
Items not recyclable in P&L from joint ventures	-	25
Items that will not subsequently be recycled in P&L (III)	(7,584)	(4,436)
COMPREHENSIVE INCOME FOR THE PERIOD (I + II + III)	259,160	51,732
S(ARE ATTR)BUTABLE TO T(E OWNERS OF T(E GROUP'S PARENT COMPANY	255,487	53,306
SHARE ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	3,673	(1,574)

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

Shares	Of which treasury	Share	Share	Treasury	Consolidat		Shareholder' s equity attributable to the owners of the Group's parent	Non controlling	Total consolidate d shareholder s' equity


102,953,566							2,733,464	126,826	2,860,290
							53,306	(1,574)	51,732
							(18,600)	12,216	(6,384)
							9,169	976	10,145
241,606	9,149	302	3,813	(384)	191		4,115 (193)		4,115 (193)
							(197,524)	(10,848)	(208,372) (2)
									2,711,331
							51,253	8,885	60,138
							(3,799)	(2,543)	(6,342)
					(503)		(503)		(503)
	(31,605)		(19)	1,017	(322)		(19) 695	1,763	1,744 695
								(3,137)	(3,137) (5)
									2,762,945
							255,487	3,673	259,160
					412		412	582	994
							9,386		9,386
962,950	18,722	1,204	7,647	(1,087)	545		8,851 (542)	479	9,330 (542)
					13		(204,979) 13	(10,468)	(215,447) 13
104,158,122							2,699,985	125,854	2,825,839
	outstanding 103,195,172 103,195,172	shares (in number of shares)	capital	premium 84,987 128,692 1,550,120 94,136 128,994 1,553,933 62,531 128,994 1,553,914 81,253 130,198 1,561,561	shares	(2) (5)	ed reserves and earnings (1,990) 1,247,246 162,484 (18,600) 9,169 (197,524) (2,374) 1,202,964 121,102 (3,799) (1,357) 1,319,437 138,612 9,386 (204,979) (2,444) 1,263,426	Translation differences company (in thousands of euros) (190,604) (109,178) (2) (299,782) 2,583,735 (69,849) (5) (369,631) 2,631,357 116,875 (252,756)	interests 127,596 131,588

CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands of euros)		30/06/2024 31/12/2023	30/06/2023
TOTAL CONSOLIDATED NET INCOME	134,181	367,013	177,406
Adjustments:
Elimination of income of joint ventures	(5,344)	(14,930)	(6,308)
Elimination of depreciation and provisions	119,613	222,146	99,133
Elimination of profit and loss from disposals	527	1,344	(643)
Elimination of dividend earnings	(741)	(363)	(361)
Other income and expenditure with no impact on cash and cash equivalents(1)	8,433	7,623	(6,127)
CASH FLOW AFTER COST OF NET FINANCIAL DEBT AND TAX	256,669	582,833	263,100
Elimination of income tax expenses	44,655	57,860	32,438
Elimination of the cost of net financial debt and interest expense on lease liabilities	50,337	84,359	35,880
CASH FLOW BEFORE COST OF NET FINANCIAL DEBT AND TAX	351,661	725,052	331,418
Impact of change in working capital*	(25,888)	(91,682)	(48,002)
Income tax paid	(40,151)	(70,752)	(42,200)
CASH FLOWS RELATED TO OPERATING ACTIVITIES	285,622	562,618	241,216
Impact of changes to consolidation scope (cash acquired - cash disposed)	460	387	308
Acquisition of financial assets: Energy Distribution division	(5,775)	(3,396)	-
Acquisition of financial assets: Renewable Electricity Production division(2)	(7,360)	(8,543)	-
Acquisition of property, plant and equipment and intangible assets	(103,166)	(283,340)	(131,970)
Change in loans and advances granted	71	(30,252)	(29,660)
Disposal of property, plant and equipment and intangible assets	2,335	6,175	5,135
(Acquisition)/disposal of other financial assets	(127)	(193)	(5,332)
Dividends received	2,520	6,111	5,898
Other cash flows from investing activities
CASH FLOWS RELATED TO INVESTING ACTIVITIES	(111,042)	(313,051)	(155,621)

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

(in thousands of euros)	Notes	30/06/2024	31/12/2023	30/06/2023
Capital increase	11	8,851	4,096	4,115
Share buyback (Capital decrease)	11
(Acquisition)/disposal of treasury shares		(1,087)	633	(384)
Borrowings issued	13.1	655,177	1,028,541	675,291
Borrowings repaid	13.1	(690,962)	(1,092,443)	(650,536)
Repayment of lease liabilities	13.1	(19,790)	(36,516)	(17,942)
Net financial interest paid(3)		(52,199)	(81,285)	(34,770)
Dividends payable		(204,979)	(197,524)	(197,524)
Dividends payable (non-controlling interests) Acquisition of financial assets: Renewable Electricity		(5,523)	(13,993)	(10,176)
Production division		(318)	(14,627)	(6,333)
Other cash flows from financing operations		2,345	8,502	-
CASH FLOWS RELATED TO FINANCING ACTIVITIES		(308,485)	(394,616)	(238,259)
Impact of exchange rate changes		1,932	(70,173)	(37,955)
CHANGE IN CASH AND CASH EQUIVALENTS		(131,973)	(215,222)	(190,619)
Cash flows
Opening cash and cash equivalents(4)		589,685	804,907	804,907
Change in cash and cash equivalents		(131,973)	(215,222)	(190,619)
Closing cash and cash equivalents(4)		457,712	589,685	614,288
Financial debt excluding lease liabilities	13.1	(1,949,004)	(1,949,593)	(2,060,200)
Cash and cash equivalents net of financial debt	13.1	(1,491,292)	(1,359,908)	(1,445,912)

(1) Including change in fair value of financial instruments, IFRS 2 expense, goodwill (impairment), etc.

(2) The impact of changes in the scope of consolidation is described in note 3.

(3) Net financial interest paid includes the impacts related to restatements of leases (IFRS 16).

(4) Cash and cash equivalents net of bank overdrafts.

(*) Breakdown of the impact of change in working capital:	30/06/2024	31/12/2023	30/06/2023
Impact of change in inventories and work in progress	(46,061)	(79,897)	10,527
Impact of change in trade and other receivables	(5,243)	(68,257)	3,014
Impact of change in trade and other payables	25,416	56,472	(61,543)
Impact of change in working capital	(25,888)	(91,682)	(48,002)

NOTES TO THE 2024 CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS

1. ACCOUNTING POLICES

The condensed consolidated financial statements for the first half of 2024 were finalised by the Management Board on 4 September 2024, and reviewed by the Supervisory Board on 5 September 2024.

The condensed consolidated financial statements for the first half of 2024 of Rubis SCA and its subsidiaries ȋthe GroupȌ were prepared in accordance with )AS ͵Ͷ Dz)nterim Financial Reportingdz. The condensed half-yearly financial statements do not include all of the information required under IFRS, and should be read in conjunction with the Group's consolidated annual financial statements published for the year ended 31 December 2023. The accounting policies applied in the preparation of the condensed consolidated half-yearly financial statements for the period from 1 January to 30 June 2024 are identical to those applied for the consolidated annual financial statements for the year ended 31 December 2023 except for the application of new standards applicable for financial periods open from 1 January 2024.

The main areas of judgement and estimates used in the preparation of the condensed half-year financial statements are identical to those described in note 2 to the 2023 consolidated financial statements.

The Group experiences seasonal changes in its business activities that can, from one six-month period to another, affect the level of revenue and operating income. As such, half-year results are not necessarily indicative of what may be expected for the full year in 2024.

Hyperinflation in Suriname and Haiti

Suriname and Haiti have been among the hyperinflationary countries since 2021 and 2023 respectively.

The application of IAS 29 for the period from 1 January to 30 June 2024 resulted in an increase in consolidated equity of €ͳͺ million and non-material effects on the income statement for the period.

Standards, interpretations and amendments applicable as of 1 January 2024

The following standards, interpretations and amendments, published in the Official Journal of the European Union as of the reporting date, were applied for the first time in 2024:

Standard/Interpretation		Date of mandatory application
Amendments to IAS 1	Classification of liabilities as current or non-current and non-current liabilities with covenants	1 January 2024
Amendments to IFRS 16	Leaseback liabilities	1 January 2024
Amendments to IAS 7 and IFRS 7	Supplier financing agreements	1 January 2024

The first-time application of these standards, interpretations and amendments did not have a material impact on the Group's financial statements.

Standards, interpretations and amendments for which early application may be chosen

The Group has not opted for the early adoption of the standards, interpretations and amendments whose application is not mandatory as of 1 January 2024 or which have not yet been adopted by the European Union.

2. SCOPE OF CONSOLIDATION AS OF 30 JUNE 2024

The consolidated financial statements for the six months ended 30 June 2024 include the Rubis financial statements and those of its subsidiaries listed in note 20.

Group of assets held for sale

On 10 April 2024, the Rubis Group announced the finalisation of an agreement with I Squared Capital for the disposal of its 55% stake in Rubis Terminal.

Rubis created the Rubis Terminal JV with I Squared (45% stake) in 2020 to implement a strategy of product diversification and geographic expansion, with a view to creating value for the company.

Rubis' plan to sell its stake in Rubis Terminal meets the criteria of IFRS 5 "Non-current assets held for sale" as of 30 June 2024.

In application of this standard:

the investment in the Rubis Terminal joint venture is presented on the separate balance sheet line "Groups of assets held for sale" as of 30 June 2024;
the line "Share of net income from joint ventures" as of 30 June 2024 includes Rubis' share of Rubis Terminal's net income for the period from 1 January 2024 to 31 March 2024.

As of 30 June 2024, completion of the transaction is subject to the lifting of a number of condition precedents, in particular the obtaining of all the necessary administrative authorisations.

3. CHANGES IN THE SCOPE OF CONSOLIDATION

During the first half of 2024, Rubis Photosol continued to invest, notably in a project located in France that has reached the RTB (Ready-to-Build) stage. The intangible asset recognised as of 30 June ʹͲʹͶ in respect of this transaction amounted to €.ͻ million.

At the same time, the Energy Distribution sector acquired two stakes in the renewable energies sector. Soleco Energy Limited (35.3%) and Ezdrive Antilles (49%) both qualify as joint arrangements and are consolidated using the equity method. Their contributions to the financial statements for the first half of 2024 are not material.

4. SUMMARY SEGMENT INFORMATION

In accordance with IFRS 8, operating segments reflect the level at which the Group's performance is assessed by the Group's main operational decision-makers (the Managers). This approach leads to a distinction between the following two segments:

• the Energy Distribution segment, which includes the retail and distribution of fuels, heating oils, lubricants, liquefied gases and bitumen, as well as logistics, which includes tradingsupply, the refining activity and shipping;

• the Renewable Electricity Production segment, specialising in the production of photovoltaic electricity.

Information by business segment

			Reconciliation
30/06/2024 (in thousands of euros)	Energy Distribution	Renewable Electricity Production	Rubis Terminal (JV)	Parent	company Eliminations	Total
Revenue	3,314,423	24,352		110		3,338,885
Intersegment revenue	153			4,358	(4,511)
Revenue	3,314,576	24,352		4,468	(4,511)	3,338,885
Gross operating profit (EBITDA)	371,201	10,968		(23,717)		358,452
Current operating income (EBIT)	284,447	(2,927)		(24,108)		257,412
Share of net income from joint ventures	351	12	4,981			5,344
Operating income after share of net income from joint ventures	285,098	(3,381)	4,981	(24,824)		261,874
Cost of net financial debt	(43,583)	(12,793)		3,058	9,468	(43,850)
Income tax expense	(47,438)	2,447		336		(44,655)
Net income	155,705	(14,469)	4,981	(12,036)		134,181
Investments	67,989	34,727		450		103,166
				Reconciliation

		Renewable
30/06/2023	Energy	Electricity	Rubis	Parent
(in thousands of euros)	Distribution	Production	Terminal (JV)		company Eliminations	Total
Revenue	3,299,404	24,975		33		3,324,412
Intersegment revenue	16			2,181	(2,197)
Revenue	3,299,420	24,975		2,214	(2,197)	3,324,412
Gross operating profit (EBITDA)	415,602	9,826		(16,198)		409,230
Current operating income (EBIT)	340,856	(1,135)		(16,584)		323,137
Share of net income from joint
ventures	909	(142)	5,541			6,308
Operating income after share of
net income from joint ventures	343,515	(8,288)	5,541	(16,583)		324,185
Cost of net financial debt	(31,525)	(8,479)		2,650	6,997	(30,357)
Income tax expense	(34,955)	2,615		(98)		(32,438)
Net income	195,899	(16,950)	5,541	(7,084)		177,406
Investments	108,324	23,508		138		131,970

Breakdown by region (after elimination of intersegment transactions)

				Reconciliation
30/06/2024 (in thousands of euros)	Europe	Caribbean	Africa	Rubis Terminal (JV)	Parent company	Total
Revenue	428,402	1,652,598	1,257,775		110	3,338,885
Gross operating profit (EBITDA)	67,621	191,154	123,394		(23,717)	358,452
Current operating income (EBIT)	31,602	152,174	97,744		(24,108)	257,412
Operating income after share of net income from joint ventures	32,688	151,554	97,475	4,981	(24,824)	261,874
Investments	50,387	26,298	26,031		450	103,166

				Reconciliation
30/06/2023 (in thousands of euros)	Europe	Caribbean	Africa	Rubis Terminal (JV)	Parent company	Total
Revenue	435,230	1,623,928	1,265,221		33	3,324,412
Gross operating profit (EBITDA)	67,680	168,915	188,833		(16,198)	409,230
Current operating income (EBIT)	36,585	134,247	168,889		(16,584)	323,137
Operating income after share of net income from joint ventures	31,241	135,150	168,837	5,541	(16,584)	324,185
Investments	38,910	58,693	34,229		138	131,970

As of 30 June 2024, revenue amounted to:

€ͳ,ͲͷͶ million in France ȋincluding French Overseas territoriesȌ;
€Ͷͺͺ million in Kenya.

Information on revenue

30/06/2024 (in thousands of euros)	Energy Distribution	Renewable Electricity Production	Parent company	Total
Region
Europe	404,050	24,352	110	428,512
Caribbean	1,652,598			1,652,598
Africa	1,257,775			1,257,775
TOTAL	3,314,423	24,352	110	3,338,885
Products and services
Fuels, liquefied gas and bitumen	2,828,147			2,828,147
Refining	405,751			405,751
Trading, supply, transport and services	80,525			80,525
Photovoltaic electricity		24,352		24,352
Other			110	110
TOTAL	3,314,423	24,352	110	3,338,885

		Renewable
30/06/2023	Energy	Electricity	Parent
(in thousands of euros)	Distribution	Production	company	Total
Region
Europe	410,255	24,975	33	435,263
Caribbean	1,623,928			1,623,928
Africa	1,265,221			1,265,221
TOTAL	3,299,404	24,975	33	3,324,412
Products and services
Fuels, liquefied gas and bitumen	2,773,751			2,773,751
Refining	458,863			458,863
Trading, supply, transport and services	66,790			66,790
Photovoltaic electricity		24,975		24,975
Other			33	33
TOTAL	3,299,404	24,975	33	3,324,412

5. NON-CONTROLLING INTERESTS

As of 30 June 2024, the primary non-controlling interests are calculated for the following entities or sub-groups:

SARA

The Group consolidates the 71%-owned SARA using the full consolidation method; the 29% noncontrolling interests are held by Sol Petroleum Antilles SAS.

Easigas entities

The Easigas entities are consolidated using the full consolidation method, with the Group owning an interest of 55%.

Photosol entities

Since 1 April 2022, the Group fully consolidates the Photosol entities, some of which are less than 100% owned (see scope of consolidation in note 20).

5.1 CONDENSED FINANCIAL INFORMATION – SUBSIDIARY WITH NON-CONTROLLING INTEREST: SARA

The amounts presented below are before the elimination of intercompany transactions and accounts:

(in thousands of euros)	30/06/2024	31/12/2023
Fixed assets	214,861	224,580
Net financial debt (cash and cash equivalents – liabilities)	(82,941)	(70,226)
Current liabilities (including loans due in less than one year and short-term bank borrowings)	264,034	244,244

(in thousands of euros)	30/06/2024	30/06/2023
Net revenue	590,019	655,291
Net income	12,095	10,958
Group share	8,088	7,455
Share attributable to non-controlling interests	4,007	3,503
Other comprehensive income	(704)	45
Group share	(500)	32
Share attributable to non-controlling interests	(204)	13
Comprehensive income for the period	11,391	11,003
Group share	7,588	7,487
Share attributable to non-controlling interests	3,803	3,516
Dividends paid to non-controlling interests	3,414	6,825
Cash flows related to operating activities	16,663	39,686
Cash flows related to investing activities	(5,481)	(19,409)
Cash flows related to financing activities	(9,924)	(52,835)
Change in cash and cash equivalents	1,258	(32,558)

5.2 CONDENSED FINANCIAL INFORMATION – SUBSIDIARY WITH NON-CONTROLLING INTEREST: EASIGAS SA AND ITS SUBSIDIARIES

The amounts presented below are before the elimination of intercompany transactions and accounts:

(in thousands of euros)	30/06/2024	31/12/2023
Fixed assets	89,410	92,455
Net financial debt (cash and cash equivalents – liabilities)	(1,375)	4,363
Current liabilities (including loans due in less than one year and short-term bank borrowings)	18,735	18,810

(in thousands of euros)	30/06/2024	30/06/2023
Net revenue	84,901	85,763
Net income	5,213	9,259
Group share	2,710	5,002
Share attributable to non-controlling interests	2,503	4,257
Comprehensive income for the period	5,213	9,259
Group share	2,710	5,002
Share attributable to non-controlling interests	2,503	4,257
Dividends paid to non-controlling interests	2,030	2,746
Cash flows related to operating activities	4,360	13,508
Cash flows related to investing activities	(5,935)	(4,360)
Cash flows related to financing activities	(963)	(5,130)
Impact of exchange rate changes	134	389
Change in cash and cash equivalents	(2,404)	4,407

5.3 CONDENSED FINANCIAL INFORMATION – SUBSIDIARY WITH NON-CONTROLLING INTERESTS: RUBIS PHOTOSOL AND ITS SUBSIDIARIES

The amounts presented below are the amounts before elimination of reciprocal accounts and transactions with other Group companies:

(in thousands of euros)	30/06/2024	31/12/2023
Fixed assets	501,352	476,873
Net financial debt (cash and cash equivalents – liabilities)	(532,132)	(507,843)
Current liabilities (including loans due in less than one year and short-term bank borrowings)	168,762	136,836
(in thousands of euros)	30/06/2024	30/06/2023
Net revenue	24,352	24,975
Net income	(12,917)	(15,919)
Group share	(10,011)	(12,455)
Share attributable to non-controlling interests	(2,906)	(3,464)
Other comprehensive income	5,232	(3,377)
Group share	3,994	(2,506)
Share attributable to non-controlling interests	1,238	(871)
Comprehensive income for the period	(7,685)	(19,296)
Group share	(6,017)	(14,961)
Share attributable to non-controlling interests	(1,668)	(4,335)
Dividends paid to non-controlling interests
Cash flows related to operating activities	29,935	(22,286)
Cash flows related to investing activities	(41,548)	(28,562)
Cash flows related to financing activities	28,081	38,507
Change in cash and cash equivalents	16,468	(12,341)

6. INTERESTS IN JOINT OPERATIONS

Group interests in joint operations were not material as of 30 June 2024.

7. INTERESTS IN JOINT VENTURES

The Group classifies several partnerships as joint ventures within the meaning of IFRS 11. Their contributions to the Group's financial statements were not material as of 30 June 2024.

8. GOODWILL AND INTANGIBLE ASSETS

8.1 GOODWILL

Goodwill is subject to an impairment test at least once per year, or more frequently if there are indications of a loss of value, in accordance with the provisions of )AS ͵ Dz)mpairment of Assets.dz

Impairment testing consists of comparing the recoverable value and the net carrying amount of the cash-generating unit (CGU) or group of CGUs, including goodwill. The recoverable value is the greater of the fair value less costs of disposal and value in use. When the recoverable value is lower than the net carrying amount of the asset (or group of assets), an impairment, corresponding to the difference, is recorded in the income statement.

During the first half of 2024, the Group did not identify any indications of impairment.

(in thousands of euros)		31/12/2023 Change in scope	Hyperinflation	Translation	differences 30/06/2024
GOODWILL	1,659,544	2,208	9,207	63,538	1,734,497

Acquisitions made during the period are described in note 2 Scope of consolidation and are not material.

8.2 INTANGIBLE ASSETS

Gross value (in thousands of euros)	31/12/2023	Change in scope	Acquisitions	Disposals	Reclassificatio ns	Translation	differences 30/06/2024
Other concessions, patents, similar rights
and development costs	38,587		5,091	(293)	346	1,003	44,734
Leases	2,197					60	2,257
Other intangible assets	88,951	6,950	1,174	(15)	(1,063)	(5)	95,992
TOTAL	129,735	6,950	6,265	(308)	(717)	1,058	142,983

Depreciation		Change in			Reclassificatio	Translation
(in thousands of euros)	31/12/2023	scope	Increases	Disposals	ns		differences 30/06/2024
Other concessions,
patents and similar rights	(13,380)		(615)		191	(797)	(14,601)
Other intangible assets	(25,690)		(2,380)	15	(191)	71	(28,175)
TOTAL	(39,070)		(2,995)	15		(726)	(42,776)

Changes in scope correspond to the acquisition of a project developed and ready-to-build in France (see note 3).

9. PROPERTY, PLANT AND EQUIPMENT AND RIGHT-OF-USE ASSETS

9.1 PROPERTY, PLANT AND EQUIPMENT

Gross value							Translatio
(in thousands of euros)	31/12/2023	Change in scope	Acquisitions	Disposals	Reclassific ations	Hyperinfla tion	n	differences 30/06/2024
Other property, plant
and equipment	350,308	27	6,948	(1,866)	6,942	3,461	5,039	370,859
Prepayments and down payments on property, plant and
equipment	8,908		1,574	(4)	(1,644)		263	9,097
Assets in progress	222,978	377	66,813	(759)	(91,945)	(263)	6,023	203,224
Machinery,
equipment and tools	2,037,943		13,935	(12,517)	54,387	9,161	20,505	2,123,414
Land and buildings	1,135,881		1,598	(4,105)	31,510	19,519	16,867	1,201,270
TOTAL	3,756,018	404	90,868	(19,251)	(750)	31,878	48,697	3,907,864
Depreciation							Translatio
(in thousands of		Change in			Reclassific	Hyperinfla	n
euros)	31/12/2023	scope	Increases	Disposals	ations	tion		differences 30/06/2024
Other property, plant and equipment	(189,433)	(10)	(7,966)	1,451	(82)	(3,316)	(1,368)	(200,724)
Facilities and
equipment	(1,323,040)		(50,965)	10,584	106	(6,626)	(6,041)	(1,375,982)
Land and buildings	(497,030)		(19,709)	3,883		(14,091)	(5,448)	(532,395)
TOTAL	(2,009,503)	(10)	(78,640)	15,918	24	(24,033)		(12,857) (2,109,101)
NET VALUE	1,746,515	394	12,228	(3,333)	(726)	7,845	35,840	1,798,763

9.2 RIGHT-OF-USE ASSETS (IFRS 16)

Gross value					Translation
(in thousands of euros)	31/12/2023	Acquisitions	Disposals	Hyperinflation	differences	30/06/2024
Other property, plant and
equipment	1,525	32	(104)		7	1,460
Transport equipment	64,064	17,336	(11,547)		1,425	71,278
Machinery, equipment
and tools	32,551	31	(337)	2,409	321	34,975
Land and buildings	266,418	19,441	(9,540)	3,269	10,787	290,375
TOTAL	364,558	36,840	(21,528)	5,678	12,540	398,088
Depreciation					Translation
(in thousands of euros)	31/12/2023	Increases	Disposals	Hyperinflation	differences	30/06/2024
Other property, plant and
equipment	(696)	(153)	12		(4)	(841)
Transport equipment	(31 717)
		(9 978)	848		(704)	(41 551)

Machinery, equipment and tools	(19 430)	(1 134)	299	(1 755)	(206)	(22 226)
Land and buildings	(81 951)	(10 367)	4 512	(1 978)	(3 062)	(92 846)
TOTAL	(133 794)	(21 632)	5 671	(3 733)	(3 976)	(157 464)
NET VALUE	230 764	15 208	(15 857)	1 945	8 564	240 624

10. FINANCIAL ASSETS

10.1 OTHER FINANCIAL ASSETS

DzOther financial assetsdz as of ͵Ͳ June ʹͲʹͶ include:

Gross value
(in thousands of euros)	30/06/2024	31/12/2023
Equity interests	90,453	91,749
Other receivables from investments	11,237	11,241
Loans, deposits and guarantees	66,019	66,325
Fair value of financial instruments	52,048	50,117
TOTAL OTHER FINANCIAL ASSETS	219,757	219,432
Impairment	(66,455)	(50,639)
NET VALUE	153,302	168,793

Equity interests in non-controlled entities correspond mainly to:

the 17.6% equity interest in Hydrogène de France (HDF Energy) subscribed in 2021 for a total amount of €ͺ. million;
non-controlling interests held by Rubis Energia Portugal in several entities in Portugal;
non-controlling interests held by the SARA refinery in diversification projects;
shares of the EIG held by Rubis Antilles Guyane.

Other receivables from investments mainly include advances made to EIGs or joint operations.

Loans, deposits and guarantees paid include a USD loan of €ͺ million, repayable in October ʹͲʹͷ, granted by the subsidiary RWIL Suriname to the State of Suriname. The current portion of this loan is included in DzOther current assetsdz for €ͳ million. This item also includes €͵͵ million in treasury bills owed to the Kenyan government by distribution entities based in Kenya.

The other items recorded in this account mainly correspond to advances made to certain distributors working for the Group, security deposits provided for in certain long-term leases and other security deposits.

)mpairments include €ͳ.ͻ million for the impact of the fair value measurement of the interest in HDF Energy due to the decline in its share price compared to the initial subscription price. The contra-entry is recognised in other comprehensive income.

10.2 OTHER CURRENT ASSETS

Other current assets mainly include prepaid expenses as well as the portion due in less than one year of receivables from investments, loans and deposits and guarantees paid, advances and deposits paid to acquire new businesses, marketable securities that cannot be considered as cash or cash equivalents, and hedging instruments at fair value.

(in thousands of euros)	30/06/2024	31/12/2023
Loans, deposits and guarantees	16,958	16,150
Fair value of financial instruments	6,254	3,730
GROSS CURRENT FINANCIAL ASSETS	23,212	19,880
Impairment
NET CURRENT FINANCIAL ASSETS	23,212	19,880
Prepaid expenses	40,050	22,334
CURRENT ASSETS	40,050	22,334
TOTAL OTHER CURRENT ASSETS	63,262	42,214

10.3 TRADE AND OTHER RECEIVABLES (CURRENT OPERATING ASSETS)

Trade and other receivables include the short-term portion of trade receivables and related accounts, employee receivables, government receivables, and other operating receivables.

Gross value
(in thousands of euros)		30/06/2024	31/12/2023
Trade and other receivables		617,738	607,140
Employee receivables		1,919	2,167
Government receivables		143,627	126,167
Other operating receivables		83,838	78,318
TOTAL		847,122	813,792
Impairment
(in thousands of euros) 31/12/2023	Additions	Reversals	30/06/2024
Trade and other receivables 27,206	4,072	(2,141)	29,137
Other operating receivables 5,176	738	(34)	5,880
TOTAL 32,382	4,810	(2,175)	35,017

In the first half of 2024, losses on receivables remained stable and were not material.

Assignment of receivables

Rubis has set up receivables and factoring programmes, particularly in Martinique, under which the subsidiary sells trade receivables to the factor or financial institution in exchange for cash. Some programmes are deconsolidating.

As of ͵Ͳ June ʹͲʹͶ, the carrying amount of the receivables sold and deconsolidated was €͵ͻ million, virtually all the risks and rewards of these receivables having been transferred. For nondeconsolidating programmes, amounts repayable in respect of these programmes are shown under DzBorrowings and short-term bank borrowings ȋportion due in less than one yearȌdz on the DzOther loans and similar liabilitiesdz line.

10.4 CREDIT RISK

The Group's maximum credit risk exposure from trade receivables at the reporting date is as follows for each region:

In net value
(in thousands of euros)	30/06/2024	31/12/2023
Europe	108,393	103,561
Caribbean	151,666	145,878
Africa	328,542	330,495
TOTAL	588,601	579,934

11. EQUITY

As of 30 June 2024, the share capital consisted of 104,158,122 fully paid-up shares, with a par value of €ͳ.ʹͷ each, i.e. a total amount of €ͳ͵Ͳ,ͳͻͺ thousand.

The various transactions impacting the share capital in the period are set out in the table below:

			Share
		Share capital	premium
	Number of	(in thousands of	(in thousands of
	shares	euros)	euros)
As of 1 January 2024	103,195,172	128,994	1,553,933
Exercise of stock options	1,995	2	57
Company savings plan	559,881	701	8,094
Performance shares vested	401,074	501	(501)
Capital increase expenses			(3)
As of 30 June 2024	104,158,122	130,198	1,561,561

As of 30 June 2024, Rubis held 81,253 treasury shares.

Equity line agreement with Crédit Agricole CIB of November 2021

In November 2021, the Group signed an equity line agreement with Crédit Agricole CIB for a period of ͵ months and up to the authorised limit of Ͷ,ͶͲͲ,ͲͲͲ shares with a par value of €ͳ.ʹͷ. The share subscription price will show a discount of 5% compared to the volume-weighted average of the share prices of the two trading days preceding its setting. Crédit Agricole CIB acts as a financial intermediary and does not intend to remain in the Company's share capital. As of 30 June 2024, the Group had not yet made use of this equity line.

Reconciliation of the capital increase with the statement of cash flows

Share capital increase (decrease)	1,204
Share premium increase (decrease)	7,647
Capital increase (decrease) on the balance sheet	8,851
Share buyback (capital decrease)
Capital increase (decrease) in the statement of cash flows	8,851

Reconciliation of the dividend distributed between the statement of changes in shareholders' equity and the statement of cash flows

Dividend payment according to the statement of changes in shareholders' equity	204,979
Payment of the dividend in shares
Dividends paid in the statement of cash flows	204,979

12. STOCK OPTIONS AND BONUS SHARES

The terms of the stock option and bonus share plans outstanding as of 30 June 2024 are set out in the tables below:

STOCK OPTIONS Date of Management Board	Outstanding as of 31/12/2023	Rights issued	Rights exercised	Rights cancelled	Outstanding as of 30/06/2024
6 November 2020	84,740		(1,995)	(42,911)	39,834
1 April 2021	5,616			(2,810)	2,806
TOTAL	90,356		(1,995)	(45,721)	42,640
	Number of
STOCK OPTIONS	outstanding		Exercise expiry	Exercise price	Options
Date of Management Board	options		date	(in euros)	exercisable
6 November 2020	39,834		Mar.-34	29.71
1 April 2021	2,806		Mar.-34	40.47
TOTAL	42,640
BONUS PERFORMANCE SHARES Date of Management Board	Outstanding as of 31/12/2023	Rights issued	Rights exercised	Rights cancelled	Outstanding as of 30/06/2024
6 November 2020	769,645		(379,318)	(390,327)
1 April 2021	43,516		21,756	21,760
13 December 2021	115,323				115,323
20 July 2022	514,770				514,770
TOTAL	1,443,254		(401,074)	(412,087)	630,093

Preferred shares will be converted into ordinary shares at the end of a retention or vesting period based on the extent to which the performance conditions have been achieved.

13. FINANCIAL LIABILITIES

13.1 FINANCIAL DEBT

(in thousands of euros)	30/06/2024	31/12/2023
Current and non-current borrowings and financial debt	1,949,004	1,949,593
Cash and cash equivalents	457,712	589,685
NET FINANCIAL DEBT (EXCLUDING LEASE LIABILITIES)	1,491,292	1,359,908
Lease liabilities (current and non-current)	246,729	238,758
NET FINANCIAL DEBT	1,738,021	1,598,666

Financial debt is presented in the following table, which differentiates between non-current and current liabilities:

Current
(in thousands of euros)	30/06/2024	31/12/2023
Bank loans	406,605	421,522
Interest accrued not yet due on loans and bank overdrafts	6,097	7,882
Bank overdrafts	292,448	318,493
Other loans and similar liabilities	20,936	35,622
TOTAL BORROWINGS AND SHORT-TERM BANK BORROWINGS (PORTION DUE IN LESS
THAN ONE YEAR)	726,086	783,519
Non-current
(in thousands of euros)	30/06/2024	31/12/2023
Bank loans	1,178,249	1,125,525
Customer deposits on tanks	15,344	15,670
Customer deposits on cylinders	136,437	136,115
Other loans and similar liabilities	44,669	40,549
TOTAL BORROWINGS AND FINANCIAL DEBT	1,374,699	1,317,859
TOTAL	2,100,785	2,101,378

Non-current borrowings and financial debt		More than 5
(in thousands of euros)	1 to 5 years	years
Bank loans	900,727	277,522
Other loans and similar liabilities	27,333	17,336
TOTAL	928,060	294,858

The change in borrowings and other financial liabilities during the first half-year 2024 breaks down as follows:

		Change in			Translation
(in thousands of euros)	31/12/2023	scope	Issue	Repayment	differences	30/06/2024
Current and non-current
borrowings and financial debt	1,949,593	182	659,427	(698,666)	38,468	1,949,004
Lease liabilities (current and
non-current)	238,758		36,760	(36,906)	8,117	246,729
TOTAL	2,188,351	182	696,187	(735,572)	46,585	2,195,733

The issues carried out during the period are mainly used for the refinancing of credit facilities that have been used and new financing obtained on Photosol.

(in thousands of euros)	Fixed rate	Variable rate
Bank loans	130,833	1,047,416
Bank loans (portion due in less than one year)	54,697	351,908
TOTAL	185,530	1,399,324

Interest rate risk

Characteristics of loans contracted (in thousands of euros)	Rate	Total amount	Less than 1 year	Between 1 and 5 years	More than 5 years	Existence or not of hedging
Euros	Fixed rate	155,362	50,823	97,738	6,801

	Variable
	rate	1,388,620	341,536	781,358	265,726	YES
Indian rupee	Fixed rate
	Variable
	rate	453	121	332
US dollar	Fixed rate	1,777	498	1,279
	Variable
	rate	10,251	10,251
Barbados dollar	Fixed rate	25,999	3,376	18,765	3,858
	Variable
	rate
Malagasy Ariary	Fixed rate	2,392		1,255	1,137
	Variable
	rate
TOTAL		1,584,854	406,605	900,727	277,522

Interest rate risk for the Group is limited to the loans obtained.

Financial covenants

As of 30 June 2024, there is no situation of non-compliance with these ratios that could result in the early repayment of the loans.

Supply chain factoring

Some subsidiaries in the Energy Distribution activity have set up paying agent agreements with financial institutions, enabling certain Group suppliers to assign their receivables due from the Group.

This financing programme enables the Group to benefit from extended payment terms for its liabilities to these suppliers. Liabilities for which payment terms have been extended are presented in the DzBorrowings and short-term bank borrowings (portion due in less than one

yearȌdz on the line DzOther loans and similar liabilitiesdz. As of ͵Ͳ June ʹͲʹͶ, the amounts due in respect of these programmes amounted to €ͳ million. The cash flows related to these liabilities are classified as cash flows related to financing activities.

Liquidity risk

As of ͵Ͳ June ʹͲʹͶ, the Group had used confirmed credit facilities totalling €ͺͲͷ million. The amount of credit facilities confirmed but not used as of ͵Ͳ June ʹͲʹͶ amounted to €ͳͶͻ million.

At the same time, the Group has €Ͷͷͺ million in immediately available cash on the assets side of its balance sheet.

13.2 LEASE LIABILITIES

			More than 5
(in thousands of euros)	Less than 1 year	1 to 5 years	years	30/06/2024
SCHEDULE OF LEASE LIABILITIES	33,109	78,843	134,777	246,729

Other information relating to leases (IFRS 16)

As of 30 June 2024, the amount of rent paid (restated leases and exempted leasesȌ totalled €ͷ.ʹ million and income from sub-letting amounted to €͵. million.

Rents not restated as of 30 June 2024 break down as follows:

leases exempted:
- o term of less than ͳʹ months, totalling €ʹ.ͷ million;
- o assets with a low unit value, totalling €Ͳ.ͷ million;
variable portion of rents of €ͳͲ.ͷ million.

13.3 COMMITMENTS AND CONTINGENT LIABILITIES (EXCLUDING PROVISIONS)

Rubis SCA and its subsidiaries are subject to tax audits and adjustments are sometimes proposed. The Group considers that it has solid means of defence, that it implements all legal procedures at its disposal to prevent any unfavourable outcomes and that it has set aside all the provisions necessary to cover disbursements deemed probable. The financial consequences of these tax assessments are recognised as liabilities for the amounts notified and accepted or considered uncertain and presenting a probable outflow of resources that can be reliably determined.

The Group periodically reviews its estimate of these risks in the light of changes in audits and litigation, and believes that none of the audits currently underway will have a material impact on its financial position or cash.

In December 2021, the French Competition Authority launched an investigation into practices in the fuel supply, storage and distribution sector. At the end of ʹͲʹ͵, the Competition Authority's Investigation Department sent several players in the French oil industry — including three Group entities — a notification of grievances relating to alleged cartel practices in this sector. Receipt of this document in no way prejudges any future conviction. During the first half of 2024, the Group submitted its observations and fully and firmly contested the merits of the ongoing proceedings. As of 31 December 2023, no provision has been recognised, as management considers that the criteria for recognising a provision are not met under IFRS.

14. PROVISIONS

Non-current
(in thousands of euros)	30/06/2024	31/12/2023
Provisions for contingencies and expenses	107,712	90,714
Dismantling and clean-up provisions	49,298	47,106
TOTAL	157,010	137,820

Provisions for contingencies and expenses include:

the Group's obligations in terms of energy-saving certificates. These provisions are recognised throughout the three-year period currently in progress (2022-2025);
provisions relating to risks or disputes that could potentially lead to action being taken against the Rubis Group.

These items are assessed using estimates of the amounts that may be needed to settle any related obligation, and by including the probabilities of the various scenarios envisaged taking place.

Dismantling and clean-up provisions comply with IAS 16. The Group has estimated its clean-up and dismantling costs largely based on the findings of outside consultants. In compliance with IAS 16, the present value of these expenses was incorporated into the cost of the corresponding facilities.

(in thousands of euros)	31/12/2023	Additions		Reversals(1) Hyperinflation	Translation	differences 30/06/2024
Provisions for contingencies and
expenses	90,714	41,875	(25,643)		766	107,712
Dismantling and clean-up
provisions	47,106	1,249	(1,562)	1,299	1,206	49,298
TOTAL	137,820	43,124	(27,205)	1,299	1,972	157,010

ȋ1Ȍ )ncluding €6ͺ thousand in reversals not applicable.

Changes in provisions for contingencies and expenses during the half-year correspond in particular to:

the Group's new obligations in terms of collecting energy-saving certificates;
the Group's clean-up and remediation obligations.

15. OTHER OPERATING INCOME AND EXPENSES

DzOther operating income and expensesdz as of ͵Ͳ June ʹͲʹͶ are set out below:

(in thousands of euros)	30/06/2024	30/06/2023
Income from disposal of property, plant and equipment and intangible assets	(140)	701
Costs related to strategic acquisitions	(294)	(6,723)
Other expenses, income and provisions	(143)	480
Impact of business disposals/acquisitions	(305)	282
TOTAL	(882)	(5,260)

Costs related to strategic acquisitions correspond in particular to the costs incurred in connection with the acquisition of the Photosol Group.

16. OTHER FINANCE INCOME AND EXPENSES

(in thousands of euros)	30/06/2024	30/06/2023
Foreign exchange income	(32,467)	(80,334)
Other net finance income and expenses	(233)	1,872
TOTAL	(32,700)	(78,462)

17. INCOME TAX

International tax reform

The international tax reform agreed by the OECD at the end of 2021, known as "Pillar 2", which aims to establish a minimum tax rate of 15%, has been adopted by France as part of the Finance Act for 2024 voted on before 31 December 2023. It applies in France for all financial years beginning on or after 1 January 2024.

In view of its turnover, the Rubis Group falls within the scope of this reform. In this context, Rubis SCA is the Ultimate Parent Entity (UPE) and may be liable, where applicable, for additional tax in relation to its low-tax subsidiaries.

As of 30 June 2024, the application of this reform resulted in an increase in the Effective Tax Rate of around 6%, taking into account the tax reforms introduced in some of the countries in which the Group operates. These tax reforms will continue throughout 2024.

In its financial statements for the first half of 2024, the Group has maintained the exception for non-recognition of deferred tax relating to Pillar 2 as provided for in the amendments to IAS 12 "Income Taxes".

18. EARNINGS PER SHARE

The table below presents the income and shares used to calculate basic earnings and diluted earnings per share.

Earnings per share
(in thousands of euros)	30/06/2024	30/06/2023
Net income, Group share	129,503	170,624
Impact of stock options on income	28	44
Consolidated net income after recognition of the impact of stock options on income	129,531	170,668
Number of shares at the beginning of the period	103,195,172	102,953,566
Company savings plan	56,755	25,154
Preferential subscription rights	124,947
Weighted average number of shares outstanding	103,376,874	102,978,720
Bonus performance shares	174,822
Stock options	42,640
Diluted weighted average number of shares	103,594,336	102,978,720
Undiluted earnings per share (in euros)	1.25	1.66
Diluted earnings per share (in euros)	1.25	1.66

19. TRANSACTIONS WITH RELATED PARTIES

There was no significant variation in the nature of transactions with related parties in the first half of 2024 compared with 31 December 2023.

20. LIST OF CONSOLIDATED COMPANIES AS OF 30 JUNE 2024

The condensed consolidated half-yearly financial statements as of 30 June 2024 include the Rubis financial statements and those of its subsidiaries listed in the table below.

Name	Registered office/Country	30 June 24 % control	31 Dec. 23 % control	30 June 24 % interest	31 Dec. 23 % interest	Consolidation method*
Rubis SCA	46, rue Boissière 75116 Paris – France SIREN: 784 393 530	Parent	Parent	Parent	Parent
Rubis Patrimoine	France	100.00%	100.00%	100.00%	100.00%	FC
Coparef	France	100.00%	100.00%	100.00%	100.00%	FC
Rubis Renouvelables	France	100.00%	100.00%	100.00%	100.00%	FC
Rubis HyDev	France	100.00%	100.00%	100.00%	100.00%	FC
RT Invest	France	55.00%	55.00%	55.00%	55.00%	JV (EM)
Rubis Terminal Infra	France	55.00%	55.00%	55.00%	55.00%	JV (EM)
Rubis Énergie	France	100.00%	100.00%	100.00%	100.00%	FC
Vitogaz France	France	100.00%	100.00%	100.00%	100.00%	FC
Sicogaz	France	100.00%	100.00%	100.00%	100.00%	FC
Sigalnor	France	65.00%	65.00%	65.00%	65.00%	FC
Starogaz (universal transfer of assets)	France		100.00%		100.00%	FC
Norgal	France	20.94%	20.94%	20.94%	20.94%	JO
Frangaz	France	100.00%	100.00%	100.00%	100.00%	FC
Vito Corse	France	100.00%	100.00%	100.00%	100.00%	FC
RD3A	France	100.00%	100.00%	100.00%	100.00%	FC
Rubis Restauration et Services	France	100.00%	100.00%	100.00%	100.00%	FC
Vitogas España S.A.	Spain	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energia Portugal S.A.	Portugal	100.00%	100.00%	100.00%	100.00%	FC
Sodigas Seixal Sociedade de Distribuição de Gás S.A.	Portugal	100.00%	100.00%	100.00%	100.00%	FC
Sodigas Açores S.A.	Portugal	100.00%	100.00%	100.00%	100.00%	FC
Sodigas Braga Sociedade de Distribuição de Gás, S.A.	Portugal	100.00%	100.00%	100.00%	100.00%	FC
Spelta – Produtos Petrolíferos SA	Portugal	100.00%	100.00%	100.00%	100.00%	FC
Companhia Logística de Combustíveis SA	Portugal	20.00%	20.00%	20.00%	20.00%	JV (EM)
Electropalma	Portugal	100.00%	100.00%	100.00%	100.00%	FC
Alentejo	Portugal	100.00%		100.00%		FC
Vitogaz Switzerland AG	Switzerland	100.00%	100.00%	100.00%	100.00%	FC
Fuel Supplies Channel Islands Ltd (FSCI)	Channel Islands	100.00%	100.00%	100.00%	100.00%	FC
La Collette Terminal Ltd	Channel Islands	100.00%	100.00%	100.00%	100.00%	FC
St Sampson Terminal Ltd	Channel Islands	100.00%	100.00%	100.00%	100.00%	FC
Vitogaz Maroc	Morocco	100.00%	100.00%	100.00%	100.00%	FC
Lasfargaz	Morocco	82.89%	82.89%	82.89%	82.89%	FC
Kelsey Gas Ltd	Republic of Mauritius	100.00%	100.00%	100.00%	100.00%	FC
Vitogaz Madagascar	Madagascar	100.00%	100.00%	100.00%	100.00%	FC

	Registered	30 June 24	31 Dec. 23	30 June 24	31 Dec. 23	Consolidation
Name Eccleston Co Ltd	office/Country Republic of Mauritius	% control 100.00%	% control 100.00%	% interest 100.00%	% interest 100.00%	method* FC
Vitogaz Comores	Union of the Comoros	100.00%	100.00%	100.00%	100.00%	FC
	Islands
Gazel	Madagascar	49.00%	49.00%	49.00%	49.00%	FC
Rubis Antilles Guyane	France	100.00%	100.00%	100.00%	100.00%	FC
Stocabu	France	50.00%	50.00%	50.00%	50.00%	JO
Société Industrielle de Gaz et de Lubrifiants	France	100.00%	100.00%	100.00%	100.00%	FC
Société Anonyme de la Raffinerie des Antilles (SARA)	France	71.00%	71.00%	71.00%	71.00%	FC
Société Antillaise des Pétroles Rubis	France	100.00%	100.00%	100.00%	100.00%	FC
Rubis Guyane Française	France	100.00%	100.00%	100.00%	100.00%	FC
Rubis Caraïbes Françaises	France	100.00%	100.00%	100.00%	100.00%	FC
Rubis Saint-Barthélemy	France	100.00%	100.00%	100.00%	100.00%	FC
Société Réunionnaise de Produits Pétroliers (SRPP)	France	100.00%	100.00%	100.00%	100.00%	FC
Société d'importation et de distribution de Gaz liquéfiés dans l'Océan )ndien ȋSigloiȌ	France	100.00%	100.00%	100.00%	100.00%	FC
EZ Drive Antilles	France	49.00%		49.00%		JV (EM)
Rubis Energy Bermuda Ltd	Bermuda	100.00%	100.00%	100.00%	100.00%	FC
Sinders Ltd	Bermuda	100.00%	100.00%	100.00%	100.00%	FC
Bermuda Gas & Utility Company Ltd	Bermuda	100.00%	100.00%	100.00%	100.00%	FC
Rubis Eastern Caribbean SRL Barbados		100.00%	100.00%	100.00%	100.00%	FC
Rubis Caribbean Holdings Inc.	Barbados	100.00%	100.00%	100.00%	100.00%	FC
Renewstable Barbados	Barbados	51.00%	51.00%	51.00%	51.00%	FC
Rubis West Indies Ltd	United Kingdom	100.00%	100.00%	100.00%	100.00%	FC
Rubis Guyana Inc.	Guyana	100.00%	100.00%	100.00%	100.00%	FC
Rubis Bahamas Ltd	The Bahamas	100.00%	100.00%	100.00%	100.00%	FC
Rubis Cayman Islands Ltd	Cayman Islands	100.00%	100.00%	100.00%	100.00%	FC
Rubis Turks & Caicos Ltd	Turks and Caicos Islands	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energy Jamaica Ltd	Jamaica	100.00%	100.00%	100.00%	100.00%	FC
Easigas (Pty) Ltd	South Africa	55.00%	55.00%	55.00%	55.00%	FC
Easigas Botswana (Pty) Ltd	Botswana	55.00%	55.00%	55.00%	55.00%	FC
Easigas Swaziland (Pty) Ltd	Swaziland	55.00%	55.00%	55.00%	55.00%	FC
Easigas Lesotho (Pty) Ltd	Lesotho	55.00%	55.00%	55.00%	55.00%	FC
Rubis Asphalt South Africa	South Africa	74.00%	74.00%	74.00%	74.00%	FC
Ringardas Nigeria Ltd	Nigeria	100.00%	100.00%	100.00%	100.00%	FC
European Railroad Established Services SA (Eres Sénégal)	Senegal	100.00%	100.00%	100.00%	100.00%	FC
European Railroad Established Services Togo SA (Eres Togo)	Togo	100.00%	100.00%	100.00%	100.00%	FC
Eres Cameroun	Cameroon	100.00%	100.00%	100.00%	100.00%	FC
Eres Libéria Inc.	Republic of Liberia	100.00%	100.00%	100.00%	100.00%	FC

	Registered	30 June 24	31 Dec. 23	30 June 24	31 Dec. 23	Consolidation
Name	office/Country	% control	% control	% interest	% interest	method*
Eres Gabon	Gabon	100.00%	100.00%	100.00%	100.00%	FC
REC Bitumen SRL	Barbados	100.00%	100.00%	100.00%	100.00%	FC
Bahama Blue Shipping Company	Barbados	100.00%	100.00%	100.00%	100.00%	FC
Morbihan Shipping Corporation	Barbados	100.00%	100.00%	100.00%	100.00%	FC
Soleco	Barbados	35.30%		35.30%		JV (EM)
Bitu River Shipping Corp.	Panama	100.00%	100.00%	100.00%	100.00%	FC
Demerara Shipping Corporation	Barbados	100.00%	100.00%	100.00%	100.00%	FC
St James LG	Barbados	100.00%	100.00%	100.00%	100.00%	FC
Kensington LG	Barbados	100.00%	100.00%	100.00%	100.00%	FC
Pickett Shipping Corp.	Republic of Panama	100.00%	100.00%	100.00%	100.00%	FC
Blue Round Shipping Corp.	Republic of Panama	100.00%	100.00%	100.00%	100.00%	FC
Biskra Shipping SA	Republic of Panama	100.00%	100.00%	100.00%	100.00%	FC
Atlantic Rainbow Shipping	Republic of Panama	100.00%	100.00%	100.00%	100.00%	FC
Company SA
Rubis Asphalt Togo	Togo	100.00%	100.00%	100.00%	100.00%	FC
Woodbar Co Ltd	Republic of Mauritius	85.00%	85.00%	85.00%	85.00%	FC
Rubis Énergie Djibouti	Republic of Djibouti	85.00%	85.00%	85.00%	85.00%	FC
Distributeurs Nationaux SA (Dinasa)	Haiti	100.00%	100.00%	100.00%	100.00%	FC
Chevron Haïti Inc.	British Virgin Islands	100.00%	100.00%	100.00%	100.00%	FC
Société de Distribution de Gaz S.A. (Sodigaz)	Haiti	100.00%	100.00%	100.00%	100.00%	FC
Terminal Gazier de Varreux S.A.	Haiti	50.00%	50.00%	50.00%	50.00%	JO
RBF Marketing Ltd	Jamaica	100.00%	100.00%	100.00%	100.00%	FC
Galana Distribution Pétrolière Company Ltd	Republic of Mauritius	100.00%	100.00%	100.00%	100.00%	FC
Galana Distribution Pétrolière SA	Madagascar	90.00%	90.00%	90.00%	90.00%	FC
Galana Raffinerie Terminal Company Ltd	Republic of Mauritius	100.00%	100.00%	100.00%	100.00%	FC
Galana Raffinerie et Terminal SA	Madagascar	90.00%	90.00%	90.00%	90.00%	FC
Plateforme Terminal Pétrolier SA	Madagascar	80.00%	80.00%	80.00%	80.00%	FC
Rubis Middle East Supply DMCC	United Arab Emirates	100.00%	100.00%	100.00%	100.00%	FC
RAME Rubis Asphalt Middle East DMCC	United Arab Emirates	100.00%	100.00%	100.00%	100.00%	FC
Maritec Tanker Management Private Ltd	India	100.00%	100.00%	100.00%	100.00%	FC
Gulf Energy Holdings Ltd	Kenya	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energy Kenya Plc	Kenya	100.00%	100.00%	100.00%	100.00%	FC
Kobil Petroleum Limited	United States	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energy Ethiopia Ltd	Ethiopia	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energy Rwanda Ltd	Rwanda	100.00%	100.00%	100.00%	100.00%	FC
Rubis Energy Uganda Ltd	Uganda	100.00%	100.00%	100.00%	100.00%	FC

	Registered	30 June 24	31 Dec. 23	30 June 24	31 Dec. 23	Consolidation
Name Rubis Energy Zambia Ltd	office/Country Zambia	% control 100.00%	% control 100.00%	% interest 100.00%	% interest 100.00%	method* FC
Rubis Energy Zimbabwe	Zimbabwe	55.00%	55.00%	55.00%	55.00%	FC
(Private) Ltd Soida	Angola	35.00%	35.00%	35.00%	35.00%	JV (EM)
Rubis Photosol	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol	France	78.49%	78.49%	78.49%	78.49%	FC
Aedes & Photosol Développement	France	39.26%	39.26%	39.26%	39.26%	JV (EM)
Airefsol Énergies 1	France	78.49%	78.49%	78.49%	78.49%	FC
Airefsol Énergies 7	France	78.49%	78.49%	78.49%	78.49%	FC
Alpha Énergies Renouvelables	France	78.02%	78.02%	78.02%	78.02%	FC
Centrale Photovoltaïque de Ychoux	France	78.50%	78.50%	78.50%	78.50%	FC
Centrale Photovoltaïque Lagune de Toret	France	78.49%	78.49%	78.49%	78.49%	FC
Centrale Photovoltaïque le Bouluc de Fabre	France	78.49%	78.49%	78.49%	78.49%	FC
Cilaos	France	78.49%	78.49%	78.49%	78.49%	FC
Clotilda	France	78.49%	78.49%	78.49%	78.49%	FC
Cpes de L'ancienne Cokerie	France	78.49%	78.49%	78.49%	78.49%	FC
Dynamique Territoires Développement	France	78.51%	78.51%	78.51%	78.51%	FC
EPV	France	78.49%	78.49%	78.49%	78.49%	FC
Firinga	France	78.49%	78.49%	78.49%	78.49%	FC
Inti SAS	France	78.49%	78.49%	78.49%	78.49%	FC
Maïdo	France	78.49%	78.49%	78.49%	78.49%	FC
Phoebus	France	78.49%	78.49%	78.49%	78.49%	FC
Photom Services	France	78.45%	77.20%	78.45%	77.20%	FC
Photosol Bordezac Développement	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol Bourbon	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol Brossac	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol CRE 4	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol Développement	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol Hermitage	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol Invest 2	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol Maransin	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol Roullet (universal transfer of assets)	France		78.51%		78.51%	FC
Photosol Sarrazac Développement	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol Villefranche sur Cher Développement	France	78.49%	78.49%	78.49%	78.49%	FC
PV Ecarpiere	France	78.49%	78.49%	78.49%	78.49%	FC
Société du Parc Photovoltaïque de la Commanderie	France	78.49%	78.49%	78.49%	78.49%	FC
Solaire du Lazaret	France	78.49%	78.49%	78.49%	78.49%	FC

	Registered	30 June 24	31 Dec. 23	30 June 24	31 Dec. 23	Consolidation
Name	office/Country	% control	% control	% interest	% interest	method*
Territoires Énergies Nouvelles	France	78.49%	78.49%	78.49%	78.49%	FC
Thorenc PV	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol Mobexi	France	77.69%	77.69%	77.69%	77.69%	FC
Photosol Développement France	France	78.51%	78.51%	78.51%	78.51%	FC
ENER5	France	40.04%		40.04%		FC
Energy from sharing 6	France	70.66%		70.66%		FC
Photosol Energies Locales	France	78.51%		78.51%		FC
Photosol SPV 1	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 2	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 3	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 4	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 5	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 6	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 7	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 9	France	56.47%	56.47%	56.47%	56.47%	FC
Photosol SPV 10	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 11	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 12	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 13	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 14	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 15	France	52.68%	52.68%	52.68%	52.68%	FC
Photosol SPV 16	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 17	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 18	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 22	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 25	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 26	France	52.68%	78.51%	52.68%	78.51%	FC
Photosol SPV 27	France	78.50%	78.50%	78.50%	78.50%	FC
Photosol SPV 28	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 29	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 30	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 31	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 32	France	72.68%	72.68%	72.68%	72.68%	FC
Photosol SPV 33	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 34	France	71.36%	71.36%	71.36%	71.36%	FC
Photosol SPV 35	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 36	France	65.96%	65.96%	65.96%	65.96%	FC
Photosol SPV 37	France	72.01%	72.01%	72.01%	72.01%	FC
Photosol SPV 38	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 39	France	64.34%	64.34%	64.34%	64.34%	FC
Photosol SPV 40	France	78.49%	78.49%	78.49%	78.49%	FC

	Registered	30 June 24	31 Dec. 23	30 June 24	31 Dec. 23	Consolidation
Name	office/Country	% control	% control	% interest	% interest	method*
Photosol SPV 43	France	67.09%	67.09%	67.09%	67.09%	FC
Photosol SPV 44	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 45	France	78.49%	78.51%	78.49%	78.51%	FC
Photosol SPV 46	France	78.49%	78.51%	78.49%	78.51%	FC
Photosol SPV 48	France	52.68%	52.69%	52.68%	52.69%	FC
Photosol SPV 49	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 50	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 51	France	52.68%	52.69%	52.68%	52.69%	FC
Photosol SPV 52	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 53	France	52.68%	52.69%	52.68%	52.69%	FC
Photosol SPV 54	France	52.68%	52.69%	52.68%	52.69%	FC
Photosol SPV 55	France	78.49%	78.49%	78.49%	78.49%	FC
Photosol SPV 56	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 58	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 59	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 60	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 61	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 63	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 65	France	78.49%	78.51%	78.49%	78.51%	FC
Photosol SPV 67	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 68	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 69	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 70	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 71	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 72	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 73	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 74	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 75	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 76	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 77	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 78	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 79	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 80	France	78.51%	78.51%	78.51%	78.51%	FC
Photosol SPV 81	France	78.51%		78.51%		FC
Photosol SPV 82	France	78.51%		78.51%		FC
Photosol SPV 83	France	78.51%		78.51%		FC
Photosol SPV 84	France	78.51%		78.51%		FC
Photosol SPV 85	France	78.51%		78.51%		FC
Photosol SPV 86	France	78.51%		78.51%		FC
Photosol SPV 88	France	78.51%		78.51%		FC
Photosol SPV 89	France	78.51%		78.51%		FC
Euroridge Solar Holding S.àr.l Luxembourg		78.51%	78.51%	78.51%	78.51%	FC

Name	Registered office/Country	30 June 24 % control	31 Dec. 23 % control	30 June 24 % interest	31 Dec. 23 % interest	Consolidation method*
Thorenc PV Holding S.àr.l	Luxembourg	78.51%	78.51%	78.51%	78.51%	FC
Photosol Italia	Italy	78.49%	78.49%	78.49%	78.49%	FC
Photosol Energia Italia	Italy	78.51%	78.51%	78.51%	78.51%	FC
VPD Solar 01	Italy	78.49%	78.49%	78.49%	78.49%	FC
VPD Solar 05	Italy	78.49%	78.49%	78.49%	78.49%	FC
VPD Solar 06	Italy	78.49%	78.49%	78.49%	78.49%	FC
VPD Solar 09	Italy	78.49%	78.49%	78.49%	78.49%	FC
Photosol España Assets	Spain	78.49%	78.49%	78.49%	78.49%	FC
Photosol Desarrollos	Spain	78.51%	78.51%	78.51%	78.51%	FC
Photosol Energia Polska	Poland	78.51%	78.51%	78.51%	78.51%	FC
Desarrollos Renovables Ayala Spain		78.51%	78.51%	78.51%	78.51%	FC
Desarrollos Renovables Balmaseda	Spain	78.51%	78.51%	78.51%	78.51%	FC
Rubis Photosol ES SPV3	Spain	78.51%		78.51%		FC
Rubis Photosol ES SPV4	Spain	78.51%		78.51%		FC
Rubis Photosol ES SPV5	Spain	78.51%		78.51%		FC
Rubis Photosol ES SPV6	Spain	78.51%		78.51%		FC
Rubis Photosol ES SPV7	Spain	78.51%		78.51%		FC
Rubis Photosol ES SPV8	Spain	78.51%		78.51%		FC
Rubis Photosol ES SPV9	Spain	78.51%		78.51%		FC
Rubis Photosol ES SPV10	Spain	78.51%		78.51%		FC

* FC: full consolidation; JO: joint operations JV: joint venture (EM); EM: equity method.

Rubis Antilles Guyane holds a non-controlling interest in five economic interest groupings (EIG) in the French Antilles; as these entities are not material, they are not consolidated.

Rubis Energia Portugal, Rubis Energy Kenya, SARA and Photosol Développement hold nonmaterial interests that have not been consolidated to date.

In view of the political and monetary problems in Burundi, the Group has decided since 2019 not to consolidate Kobil Burundi due to the lack of effective control over this activity. The corresponding securities were fully impaired. The political and monetary situation did not improve in the first half of 2024.

21. EVENTS AFTER THE REPORTING PERIOD

Rubis Énergie retains nearly \$40 million available under the agreement for future issues over the next two years.

STATUTORY AUDITORS' REPORT ON THE HALF-YEAR FINANCIAL INFORMATION

This is a free translation into English of the statutory auditors' review report on the half-yearly financial information issued in French and is provided solely for the convenience of English-speaking users. This report includes information relating to the specific verification of information given in the Group's half-yearly management report. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.

To the Shareholders,

In compliance with the assignment entrusted to us by Annual General Meetings and in accordance with the requirements of Article L. 451-1-2 III of the French Monetary and Financial Code ȋDzCode monétaire et financierdzȌ, we hereby report to you on:

the review of the accompanying condensed half-yearly consolidated financial statements of Rubis, for the period from January 1, 2024 to June 30, 2024.
the verification of the information presented in the half-yearly management report.

These condensed half-yearly consolidated financial statements are the responsibility of the Management Board. Our role is to express a conclusion on these financial statements based on our review.

1. CONCLUSION ON THE FINANCIAL STATEMENTS

We conducted our review in accordance with professional standards applicable in France.

A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-yearly consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34- standard of the IFRSs as adopted by the European Union applicable to interim financial information.

2. SPECIFIC VERIFICATION

We have also verified the information presented in the half-yearly management report on the condensed half-yearly consolidated financial statements subject to our review.

We have no matters to report as to its fair presentation and consistency with the condensed halfyearly consolidated financial statements.

Neuilly-sur-Seine and Paris La Défense, September 5, 2024 The Statutory Auditors

PricewaterhouseCoopers Audit KPMG SA Cédric Le Gal Frédéric Nusbaumer Jacques-François Lethu Agathe Labaquère

IV – DECLARATION OF RESPONSIBLE OFFICERS

RESPONSIBLE OFFICERS FOR THE HALF-YEAR FINANCIAL REPORT

Gilles Gobin: Managing Partner Jacques Riou: Chairman of Agena, co-Managing Partner of Rubis Clarisse Gobin-Swiecznik: co-Managing Partner of Sorgema, co-Managing Partner of Rubis

DECLARATION OF RESPONSIBLE OFFICERS FOR THE HALF-YEAR FINANCIAL REPORT

We declare that, to the best of our knowledge, the condensed consolidated financial statements for the past half year have been prepared in compliance with applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and results of the Company and all companies included in the consolidated group, and that the half-year activity report on page 1 gives a true and fair view of the important events that occurred during the first six months of the financial year, their impact on the financial statements, and the principal transactions between related parties, as well as a description of the main risks and contingencies for the remaining six months of the financial year.

Meudon and Paris, 5 September 2024

Clarisse Gobin-Swiecznik Co-Managing Partner of Sorgema, Co-Managing Partner of Rubis

Jacques Riou Chairman of Agena, Co-Managing Partner of Rubis

Gilles Gobin Managing Partner

SERVING THE ENERGIES OF TODAY AND TOMORROW

AI assistant

Rubis — Interim / Quarterly Report 2024

1636_ir_2024-09-05_b81aca4c-48b9-4dd3-a0a6-6acb9b6b07d9.pdf

HALF-YEAR FINANCIAL REPORT AS OF JUNE 30, 2024

CONTENTS

GROUP ACTIVITY REPORT FOR THE FIRST HALF OF 2024

ACTIVITY REPORT

H1 2024 results4 highlights

• Energy Distribution:

• Renewable Electricity Production:

KEY FIGURES

CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2024

H1 2024 FINANCIAL PERFORMANCE

Focus on elements to be taken into account to analyse variations on a comparable basis (see Appendix for further detail)

ENERGY DISTRIBUTION

Retail & Marketing

VOLUME SOLD AND GROSS MARGIN BY PRODUCT IN H1

As regards fuel:

The table below provides volume and gross margin split by region for H1.

VOLUME SOLD AND GROSS MARGIN BY REGION IN H1

Adjusted unit margin came in at ͳ͵ͻ€/m͵, down ͵% vs (ͳ ʹͲʹ͵.

EBIT BY REGION

Support & Services

RENEWABLE ELECTRICITY PRODUCTION

BULK LIQUID STORAGE

NON-FINANCIAL RATING

OUTLOOK FOR THE SECOND HALF OF 2024

DESCRIPTION OF THE MAIN RISKS AND CONTINGENCIES FOR THE REMAINING SIX MONTHS OF THE YEAR

EVENTS AFTER THE REPORTING PERIOD

KEY TRANSACTIONS WITH RELATED PARTIES

CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2024

CONSOLIDATED BALANCE SHEET

ASSETS

CONSOLIDATED BALANCE SHEET

EQUITY AND LIABILITIES

CONSOLIDATED INCOME STATEMENT

STATEMENT OF OTHER COMPREHENSIVE INCOME

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

CONSOLIDATED STATEMENT OF CASH FLOWS

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

NOTES TO THE 2024 CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS

1. ACCOUNTING POLICES

Hyperinflation in Suriname and Haiti

Standards, interpretations and amendments applicable as of 1 January 2024

2. SCOPE OF CONSOLIDATION AS OF 30 JUNE 2024

3. CHANGES IN THE SCOPE OF CONSOLIDATION

4. SUMMARY SEGMENT INFORMATION

Information by business segment

Breakdown by region (after elimination of intersegment transactions)

Information on revenue

5. NON-CONTROLLING INTERESTS

SARA

Easigas entities

Photosol entities

5.1 CONDENSED FINANCIAL INFORMATION – SUBSIDIARY WITH NON-CONTROLLING INTEREST: SARA

5.2 CONDENSED FINANCIAL INFORMATION – SUBSIDIARY WITH NON-CONTROLLING INTEREST: EASIGAS SA AND ITS SUBSIDIARIES

5.3 CONDENSED FINANCIAL INFORMATION – SUBSIDIARY WITH NON-CONTROLLING INTERESTS: RUBIS PHOTOSOL AND ITS SUBSIDIARIES

6. INTERESTS IN JOINT OPERATIONS

7. INTERESTS IN JOINT VENTURES

8. GOODWILL AND INTANGIBLE ASSETS

8.1 GOODWILL

8.2 INTANGIBLE ASSETS

9. PROPERTY, PLANT AND EQUIPMENT AND RIGHT-OF-USE ASSETS

9.1 PROPERTY, PLANT AND EQUIPMENT

9.2 RIGHT-OF-USE ASSETS (IFRS 16)

10. FINANCIAL ASSETS

10.1 OTHER FINANCIAL ASSETS

10.2 OTHER CURRENT ASSETS

10.3 TRADE AND OTHER RECEIVABLES (CURRENT OPERATING ASSETS)

Assignment of receivables

10.4 CREDIT RISK

11. EQUITY

12. STOCK OPTIONS AND BONUS SHARES

13. FINANCIAL LIABILITIES

13.1 FINANCIAL DEBT

Interest rate risk

Financial covenants

Supply chain factoring

Liquidity risk

13.2 LEASE LIABILITIES

Rubis Interim / Quarterly Report 2024