Verbio (VBK) Q2 25/26 earnings summary

Executive summary

• Revenue rose 19% year-over-year to €893.7 million in H1 2025/2026, driven by higher production and sales volumes, especially in GHG quotas and biomethane.

• EBITDA increased to €45.5 million from €14.3 million year-over-year, with EBIT improving to €14.1 million from a loss of €-15.9 million.

• Strong first half performance with momentum from Q1, despite regulatory challenges; full-year EBITDA now expected at the upper end of prior guidance (high double-digit EUR million).

• Bioethanol/biomethane segment returned to profitability and achieved record revenues, supported by GHG quota market recovery and higher sales volumes in Europe.

• Biodiesel segment remained a stable earnings contributor, with record production in Europe offset by planned reductions in Canada due to regulatory changes.

Financial highlights

• Group EBITDA for H1 2025/26 reached €45.5 million, up from €14.3 million year-over-year, with Q2 EBITDA at €30.1 million.

• Gross margin increased 15% year-over-year to €134.5 million, mainly due to the Bioethanol/Biomethane segment.

• Operating cash flow improved to €35.6 million from €6.2 million year-over-year.

• Net debt at December 31, 2025 was €173.6 million, up from €164.0 million at June 30, 2025, reflecting investments in specialty chemicals and SBE.

• Equity ratio remained stable at 58.2%.

Outlook and guidance

• Full-year EBITDA expected at the upper end of the previously indicated high double-digit EUR million range.

• Management anticipates a moderate reduction in net financial debt by year-end, despite interim fluctuations.

• Guidance reflects prudent expectations amid ongoing regulatory negotiations and market volatility; potential for upward revision after Q3 if positive trends continue.

• Growth in advanced fuels expected to drive future CO₂ emission reductions, with targets adjusted for regulatory changes.