Financial Data and Key Metrics Changes - The company reported an EBITDA under management of BRL 7.4 billion, which is approximately BRL 1 billion lower than in 2024, primarily impacted by the results of MOVE, Haddad, and Raizen [3][4] - The net income for the period was negative BRL 1.2 billion, attributed to lower EBITDA and higher financial expenses [3] - Net debt remained relatively stable, slightly increasing compared to Q2 2025, with a debt service coverage ratio of one time [4][9] Business Line Data and Key Metrics Changes - Rumo experienced an increase in transported volumes but a reduction in average tariffs, resulting in a 4% increase in EBITDA [5] - Compass saw higher distributed volumes and an increase in the residential segment's participation, leading to a 6% growth in EBITDA [5] - Moove reported stable volumes compared to 2024, with a 13% increase in volume sold compared to Q2 2025, although EBITDA was 7% lower [6] - Raizen's sugarcane crushing increased due to favorable weather conditions, but lower sugar prices affected EBITDA [8] Market Data and Key Metrics Changes - The fuel distribution segment in Raizen showed healthy margins due to operations against irregular players, translating into higher profitability [8] Company Strategy and Development Direction - The company aims to improve its capital structure and has been exploring divestment options while preserving the quality of its portfolio [12][16] - The focus will be on integrating new shareholders and identifying growth options without pressure to sell assets at unfavorable prices [17][36] - The holding company will no longer serve as a vehicle for future investments, emphasizing efficiency and streamlining operations [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of the company following recent capital increases and the integration of new shareholders [14][15] - There is a sense of urgency to resolve capital structure challenges, particularly for Raizen, with expectations for solutions within six months rather than years [41][42] Other Important Information - The company has received approximately BRL 500 million in insurance proceeds related to the reconstruction of the Rio de Janeiro plant [6][40] - Significant changes in the board of directors were made in line with new shareholders' contributions, aimed at streamlining operations and enhancing efficiency [27][28] Q&A Session Summary Question: What was the allocation rationale in terms of supply and the outcome? - The company prioritized existing shareholders during the capital offerings, with significant demand indicating market confidence in the company's future [20][21] Question: What is the strategy considering the subsidiary companies, particularly Raizen? - Management acknowledged the need for urgent solutions for Raizen's capital structure and ongoing discussions with Shell to find a resolution [22][23][24] Question: Can you provide context on the changes in directors and their impact on Raizen? - Changes in the board were a consequence of new partners coming in, which are expected to positively influence the company's future [26] Question: What is the role of the holding company moving forward? - The holding company will focus on creating efficiencies and will not be used as a leveraging tool for future growth [36] Question: What is the timeline for resolving investments and the company's portfolio? - Management indicated a sense of urgency to resolve capital structure issues, with no need for fire sales of assets, focusing instead on strategic divestments [41][42] Question: Can you comment on the streamlining measures at the Holdco level? - The company has mapped a process to streamline operations, aiming for a significant reduction in annual expenses [44] Question: What is the divestment agenda and order of priority? - Radar is identified as the first asset for potential divestment, with further decisions based on capital allocation priorities [46]

Core Insights - Rubis reported a robust operational performance in Q3 2025 despite lower oil prices and a challenging euro-USD environment [3][4] - Revenue trends are not a meaningful indicator of Rubis' performance as they primarily reflect oil price movements without direct impact on margins [3] - The company's ability to manage inventories efficiently and implement disciplined pricing strategies is crucial for capturing value growth [4] Financial Performance - The Energy Distribution business experienced strong growth, with volumes increasing by 6% and overall unit margins rising by 3%, resulting in a total margin increase of 9% year-on-year [5] - Key drivers of this solid performance included significant growth in bitumen volumes, which were up 17% year-on-year, primarily due to strong demand in Nigeria [6]

Core Insights - Rubis demonstrated solid Q3 2025 performance with a 6% increase in distributed volume compared to Q3 2024, despite a 3% decline in revenue for Energy Distribution [3][6] - The company reaffirmed its 2025 EBITDA guidance of €710 million to €760 million, indicating strong operational execution amidst currency headwinds [16] Energy Distribution Performance - Volume distributed in Q3 2025 reached 1,581,000 m, up 6% from Q3 2024, while revenue for Energy Distribution was €1,560 million, down 3% [3][6] - Retail & Marketing segment saw a volume increase of 6%, with LPG unit margin rising by 4% in Europe [5][8] - Bitumen volumes surged by 17% year-on-year, with gross margin increasing by 33% [10] Regional Performance - In the Caribbean, volume increased by 10% and gross margin by 7% in Q3 2025 [7] - Africa experienced a 5% volume growth, with gross margin up by 11% [7][13] - Europe saw a slight decline in volume by 3%, but gross margin improved by 9% [7] Renewable Electricity Production - Photosol's operational capacity grew by 23% year-on-year to 633 MWp, with electricity production increasing by 19% [15] - Revenue from Renewable Electricity Production reached €21 million, up 24% compared to Q3 2024 [15] Support & Services - Revenue from Support & Services fell by 17% year-on-year to €215 million, primarily due to volatility related to the SARA refinery [11] - Trading volumes in the Caribbean were stable, with a 7% increase in volume and a 31% rise in gross margin [11] 9M Performance Overview - For the first nine months of 2025, total revenue was €4,855 million, down 2% from €4,972 million in 2024 [19] - Renewable Electricity Production revenue increased by 26% year-on-year, reflecting strong growth in this segment [19]