Vibra Energia (VBBR3) Investor Day 2025 summary

Strategic execution and growth avenues

• Reinforced commitment to the 2030 strategy, focusing on retail leadership, B2B expansion, logistics efficiency, lubricants, and renewables.

• Achieved record growth in retail, with a robust pipeline for new branded stations and doubled retail margins compared to 2022; 357 new branded stations by November 2025.

• B2B segment saw increased customer base, higher margins, new sales methods, digital channels, and a broader product portfolio, including a 5% increase in client base and higher diesel market share.

• Logistics optimization delivered BRL 350 million in freight savings, BRL 460 million in CapEx investments, leveraging AI and large-scale transport modes for efficiency.

• Lubricants business posted 11% volume growth in nine months, 10% annual EBITDA growth, record sales volumes, and top-of-mind brand status for nine consecutive years.

Financial performance and capital allocation

• Delivered consistent year-over-year adjusted EBITDA growth, with 2025 profitability on track to surpass 2024 and a 10% annual EBITDA margin increase.

• Generated nearly BRL 12 billion in free cash flow over three years, robust capex, and maintained a 40% dividend policy.

• Reduced leverage from 3x to 2.7x in 2025, targeting below 2.5x, and distributed BRL 4.4 billion in dividends over three years.

• Focused on cost reduction, SG&A optimization, and efficiency gains, aiming for lower unit costs per cubic meter in 2026.

• Achieved investment grade rating above sovereign risk, reflecting strong execution and financial discipline.

Regulatory and market environment

• Benefited from regulatory advances such as single-phase tax arrangements, joint tax liability, and enforcement operations, leading to market share gains and improved margins, especially in ethanol.

• Ongoing sector reforms in 2025 and 2026 are expected to further reduce irregularities and improve competitive conditions.

• Ongoing efforts to expand regulatory improvements to other states and products, with further efficiency expected in 2026.

• Anticipates continued regulatory evolution, with persistent focus on closing gaps exploited by irregular market participants.