Verbio (VBK) CMD 2026 presentation summary

Integrated platform and value capture

• Integrated biorefinery routes biomass into biodiesel, bioethanol, biomethane, protein, fertilizer and chemicals; strategy prioritizes value per molecule over output volume alone.

• European gross margin premium remained above the market baseline across 2020/21–2025/26; its relationship with reference spreads is not one-to-one and drivers shift across cycles.

• Portfolio breadth enables compliance-value capture across German GHG quotas, Dutch ERE and UK RTFC; trading steers feedstock and pathways toward markets that reward them.

• Biomethane can capture value through two transactions versus one for liquid fuels; a ~€100/t CO₂ GHG quota price corresponds to ~€40m–€80m EBITDA potential.

• Production growth historically came mainly from debottlenecking, process improvements and higher asset utilization, rather than major capacity additions.

Chemicals and higher-value molecules

• Renewable chemicals use existing molecule streams, adding value pools beyond transport fuels without requiring a new production platform.

• First commercial ethenolysis expansion stage is operational; modular reactor deployment de-risks scale-up, and the site is designed for 60 kt capacity.

• Biodiesel-derived C10 molecules target applications including lubricants, personal and home care, surfactants, flavors and fragrances, polymers and coatings.

• Renewable C10 products offer 80–90% traceable bio-based carbon and up to 80% CO₂ savings; more than 90% of customers gave positive quality feedback.

• Chemicals retain the fuel-market reference value while adding an incremental upgrading premium, reflected in value per tonne rather than standalone EBITDA.

US platform and earnings potential

• US fundamentals include low-cost feedstock and energy, a large fuel market and RFS, 45Z, 45Q and LCFS policies; these support a scalable value-creation platform.

• Nevada evolved from a standalone cellulosic ethanol asset into an integrated US biorefinery; full utilization and additional 45Z value are potential next steps.

• South Bend’s next value layer is biogas integration, lower natural-gas use and improved carbon intensity, with 45Z and potential CCS adding value opportunities.

• US base EBITDA potential is ~$30m–$50m, with further upside from higher Nevada utilization, South Bend biogas/biomethane, CCS and carbon monetization.

• At 90% annual capacity utilization, the 45Z illustration reaches ~$130m p.a. at $1/gal; value depends on carbon intensity, and final Treasury guidance was expected in November 2026.