European market leader
Leading position in attractive market
#1 European
industrial MRO distributor
2x size
of closest competitor
€90bn addressable market
driven by maintenance and opex spend
Natural consolidator
#1 with only 3% market share
Highly fragmented market
top 5 players with 8% market share
European distributor of choice
Strong customer retention
95% of revenue from repeat customers
Extensive omni-channel platform
900 locations and multiple digital channels
1,000 key account customers
food & beverage, utilities, automotive, metals, business services, chemicals, packaging, aerospace and pharmaceutical
Robust financial profile
2024
€3.05bn
Revenue
€322m
EBITDA
€344m
Cash headroom
Solid 2024 performance
Our scale, unique multi-specialist value proposition, and strong customer relationships helped us deliver a solid performance in 2024, despite the challenging operating environment.
Revenue
€3.05bn
EBITDA
€322m
Operating cash flow
€287m
| 2024 | 2023 | |
|---|---|---|
| Revenue | €3,054 | €3,152m |
| EBITDA | €322m | €319m |
| Operating cash flow | €287m | €231m |
| Operating cash conversion | 89% | 72% |
Notes
- EBITDA is stated before exceptional costs and acquisition related costs.
- Operating cash conversion is EBITDA less capex less lease payments less working capital.
Solid revenue base despite a challenging environment
Annual revenue of €3.05bn demonstrates the company’s resilience in an evolving market. Despite macroeconomic challenges and a slowdown in European Industrial Production, the company maintained its sales performance through strategic initiatives and continued customer engagement. The focus on operational efficiency and market positioning has ensured a robust performance.
EBITDA of €322m
EBITDA of €322m, reflecting a +1.0% year-over-year growth before one-offs, compares favourably to the listed peer group. This growth was driven by effective cost control measures, efficiency programmes and successful execution of key operational strategies.
Cash conversion of 89%
Operating cash flow increased significantly to €287m, reflecting disciplined working capital management. Our cash conversion rate improved to 89%, a substantial increase from the previous year’s 72%, showcasing our strong financial discipline and ability to generate liquidity for future investments.
Robust financial position and strategic funding
The company continues to maintain a solid financial foundation, leveraging a well-structured combination of funding sources. With a leverage ratio of 3.73x, headroom of €344m and strong cash availability, the company is well-positioned to support future growth initiatives. Additionally, the company´s resilient credit profile enabled the successful repricing of senior facility including 100bps reduction in margin, with an extended maturity to September 2028, further strengthening the company´s financial flexibility and long-term stability.
Strong funding position
We have continued to maintain our strong funding position and robust balance sheet with the ongoing support of our shareholder (Advent International) and our long term debt providers.
Headroom
€344m
As at December 2024
Leverage
3.73x
As at December 2024
First half 2025 review
During the first half of 2025 Rubix reached an agreement to acquire ERIKS UK & Ireland (UKI) for which regulatory approval was obtained in August 2025 and completion is expected in Q4 2025. ERIKS UKI is a well-recognised and respected industrial distributor with a specialist flow technology offer, including hoses, valves, sealing and gaskets, as well as associated technical services such as customisation and repair. This complementary acquisition brings together two multi-specialist industrial distributors offering a broad range of products and services, while extending the Rubix offer in flow technology. In connection with the transaction, Neuberger Berman Private Markets will lead the acquisition of a minority equity shareholding in the Group. Additional investors include Adams Street Partners, LGT Capital Partners, J. Safra Sarasin Asset Management, and funds managed by BlackRock.
The acquisition cements Rubix’s position as the largest industrial maintenance repair & overhaul (MRO) distributor and a natural consolidator within the highly fragmented market.
FY 2024 key documents: