Orizon Valorização de Resíduos (ORVR3) Q2 2025 earnings summary

Executive summary

• Achieved strong growth in revenue, EBITDA, and net income in 2Q25, supported by a robust capital position and a successful R$635 million follow-on share offering, introducing eB Capital as a strategic shareholder.

• Advanced energy transition with new long-term biomethane sales contracts and progress on key biogas projects, including Jaboatão dos Guararapes and Paulínia.

• Registered the largest carbon credit project to date at Ecoparque Paulínia, with an estimated annual generation of over 1 million credits and R$5 million in revenue from 167,000 tCO2e.

• Maintained disciplined inorganic growth through acquisitions and partnerships, expanding geographic reach and operational synergies in waste management and circular economy.

• Interim financial statements for the six months ended June 30, 2025, were reviewed with no material modifications required by auditors, confirming compliance with IFRS and Brazilian CVM rules.

Financial highlights

• Net revenue reached R$264.2 million in 2Q25, up 22.8% year-over-year, with consolidated net operating revenues of R$504.98 million for the first half of 2025.

• EBITDA totaled R$125.7 million in 2Q25, a 25.9% increase year-over-year.

• Net income was R$26.8 million in 2Q25, up 139.8% from 2Q24.

• Gross margin improved to 61.7% in 2Q25, up 5 percentage points year-over-year.

• Cash and cash equivalents increased to R$932.77 million as of June 30, 2025.

Outlook and guidance

• Focus on accelerating asset maturation, expanding biogas and biomethane projects, and advancing Barueri Waste-to-Energy construction.

• Expectation of continued price gains above inflation for several quarters, with stable or growing waste volumes.

• Pipeline of M&A and new projects expected to drive operational synergies and recurring results.

• Strengthened financial profile with extended debt maturities and reduced capital costs.

• Several new plants and projects are scheduled to begin operations between 2025 and 2027, supporting growth in renewable energy and waste processing.