Verbio (VBK) Q3 2026 earnings summary

Executive summary

• Strong Q3 and nine-month performance driven by robust GHG quota demand, improved market conditions, and record biomethane and bioethanol production.

• Ramp-up of Nevada and South Bend plants contributed to higher production and earnings.

• Regulatory support, including German Bundesrat approval for significant GHG quota increases by 2040 and RED III implementation, strengthened sector outlook.

• Positive free cash flow and improved operating momentum, with net financial debt reduced and equity ratio increased.

Financial highlights

• Revenue for the first nine months rose 17% year-over-year to EUR 1,340.7 million, driven by higher production and GHG quota demand.

• EBITDA for the nine months surged to EUR 105.7 million from EUR 22.4 million year-over-year, with Q3 EBITDA at EUR 60.2 million.

• EBIT for the nine months was EUR 58.3 million, compared to a loss of EUR 24.2 million year-over-year.

• Operating cash flow for nine months was EUR 96.4 million, with free cash flow at EUR 33.0 million after EUR 63.4 million in PPE investments.

• Net financial debt reduced to EUR 126.8 million; equity ratio improved to 59.3%.

Outlook and guidance

• EBITDA guidance for FY 2025/26 raised to the upper end of EUR 100–140 million, reflecting strong market and regulatory support.

• Net financial debt expected to be below EUR 140 million by year-end; net debt/EBITDA targeted below 1x.

• Production capacity utilization expected to increase year-over-year across all segments.

• Ongoing regulatory changes and geopolitical factors continue to influence the outlook and forecast range.