Verbio (VBK) investor relations material

Company performance and milestones

• Achieved 12 TWh of bioenergy production and 4.5–5.5 million tons of CO2 savings in the last financial year, with full capacity utilization in Germany and ongoing ramp-up in North America and India.

• Production volumes increased due to operational efficiency and international expansion, with FY 2024/25 output at 619.3 kt biodiesel, 582.6 kt bioethanol, and 1,190.3 GWh biomethane.

• EBITDA declined from €503.3m in 2021/22 to €14.2m in 2024/25, with net income at -€137.9m and net cash at -€164.0m, but recovery began in H1 2025/26 with EUR 45.5 million EBITDA.

• Return on capital employed remained above 20% through cycles until recent disruptions, dropping to -11.9% in 2024/25.

• International diversification is progressing, with two U.S. plants expected to balance production volumes between Europe and America.

Business model and competitive advantages

• Utilizes local agricultural biomass and residues in proprietary biorefineries, producing biodiesel, ethanol, renewable natural gas, and co-products like glycerine, sterols, and fertilizer.

• Unique process allows simultaneous production of bioethanol and biomethane, enhancing circularity and value extraction from diverse feedstocks.

• Competitive edge comes from feedstock cost advantage, operational efficiency, CO2 savings, and market optimization by targeting highest-value markets globally.

• Proprietary conversion technologies and co-product capture drive operational efficiency and margin resilience.

• Listed on the Frankfurt Stock Exchange with a market cap of EUR 2.37 million as of April 2026.

Market trends and regulatory environment

• Recent regulatory changes in Germany and the EU removed double counting, introduced stricter controls, and raised GHG savings mandates, benefiting crop-based and advanced fuels.

• Policy changes are expected to double the CO2 savings mandate in coming years, supporting market growth and reducing fraudulent supply.

• Faced market disruption in Germany due to fraudulent biofuel inflows and weak verification, impacting GHG quota prices and EBITDA.

• Global policy momentum supports biofuels: tax credits in Canada, RED III in the EU, IRA in the US, and blending mandates in Asia.

• Maritime and heavy-duty transport sectors are increasingly adopting biofuels, with BioLNG offering significant cost advantages and gaining traction.