Our financials

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

> 2023

€3.15bn (+5% growth)


Cash headroom

Strong 2023 performance

Our scale, unique multi-specialist value proposition, and strong customer relationships helped us deliver strong organic growth above the market in 2023.





Operating cash flow


2023 2022
Revenue €3,152m €2,994m
EBITDA €319m €303m
Operating cash flow €231m €231m
Operating cash conversion 72% 76%


  • EBITDA is stated before exceptional costs and acquisition related costs.
  • Operating cash conversion is EBITDA less capex less lease payments less working capital.

Strong revenue growth of 5.3%

Annual revenue of €3.15bn benefited from a continued focus on broadening and deepening our business relationships with existing customers, winning new key accounts, driving increasing digitalisation, and network development and strategic acquisition activity. Given the mixed macro backdrop, the primary focus was on driving organic growth.

EBITDA of €319m

The business was able to continue to drive earnings growth in an inflationary environment. Furthermore, the new management team has implemented structural cost savings, which will bear fruit in 2024.

Cash conversion maintained

Cash generated from operations of €284m allowed us to invest for future growth, including €16m in M&A.

Robust liquidity and financing

We are funded through a combination of fixed term loans, redeemable preference shares and a revolving credit facility. Rubix has total headroom of €313m across cash and further undrawn facilities, providing significant financial resources to deliver our growth strategy. The business has since been able to successfully reprice its senior debt facilities given the ever improving credit metrics. This was further exemplified with an S&P credit upgrade to B in March 2024.

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.



As at December 2023



As at December 2023