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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Vivo Energy
Vivo Energy (VVO) investor relations material
Vivo Energy has been private
Vivo Energy H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2024 earnings summary4 Jun, 2025
Executive summary
2024 marked a transformational year with strong underlying growth and the successful integration of Engen, significantly increasing business scale and financial strength.
The executive leadership team was reinforced, and the business now operates in 28 countries under Shell and Engen brands, with 4,000 service stations and over 20 billion liters of fuel sold.
Sustainability remains a core focus, with strong HSSEQ performance, zero product spills, and ongoing investments in solar and LPG as part of the energy transition.
Financial highlights
2024 revenue reached approximately $20 billion, with adjusted EBITDA at $683 million (up 84% year-over-year), and pro forma adjusted EBITDA at $926 million (up 150%).
Replacement cost adjusted EBITDA exceeded $1 billion, reflecting the impact of inventory valuation methods.
Gross cash profit and volume increased by nearly 60% year-over-year; on a pro forma basis, both nearly doubled.
Adjusted free cash flow for 2024 was $625 million, supported by robust operating performance and positive working capital changes.
Outlook and guidance
Q1 2025 showed a 4% year-on-year volume increase, with gross cash unit margin at $73 per cube and EBITDA on track to exceed $1 billion for 2025.
CapEx for 2025 expected to be between 2023 and 2024 levels, with continued investment in infrastructure and LPG.
Net leverage targeted at 1–1.5x, with ongoing improvements in interest cover and cash generation.
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Frequently asked questions
Vivo Energy plc operates as a retailer and distributor of fuels and lubricants in Africa. The company's Retail Fuel operations segment involves the retailing of motor fuels, lubricants, and related services through its convenience stores and general dealers. Its Wholesale Fuel operations segment involves the wholesaling of motor fuels and lubricants to retailers in Zambia, Zimbabwe, Botswana, Namibia, Tanzania, Malawi, Mozambique, and South Africa; fuel blending services to commercial customers in Southern African Development Community (SADC), as well as within Tanzania; and the trading of crude oil. The company's Perisian Ltd subsidiary engages in producing asphalt for site construction activities for infrastructure projects in SADC countries; mining of natural sand; mining of feldspar; manufacture of glass products from certain minerals; and sale of certain oils and gas products. Vivo Energy plc is headquartered in London, the United Kingdom.