Vibra Energia (VBBR3) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong financial and operational results despite market volatility from Middle East conflict, with proactive import expansion and fulfillment of all contracts.

• Expanded branded service station network by 155 new stations and advanced B2B strategy, supporting market share growth and leadership in branded distribution.

• Maintained national fuel supply through increased imports, ensuring availability amid global disruptions and supply constraints.

• Ongoing transformation focused on market share growth, profitability, and consistent execution of long-term strategy, with total shareholder return of 108% over the last 12 months.

• Regulatory advances included simplified naphtha taxation and persistent debtor regulation, supporting fairer competition.

Financial highlights

• Adjusted EBITDA reached R$ 3.2 billion, up as much as 69% year-over-year, with margin at R$ 350/m³ and recurring margin at R$ 258/m³.

• Adjusted net income was R$ 1.57 billion, up 63% year-over-year.

• Operating cash flow was R$ 1.9 billion, up 124% year-over-year, with strong EBITDA-to-cash conversion.

• Net debt reduced to R$ 18.6 billion, leverage at 2.0x net debt/EBITDA, and average debt cost at CDI +0.66%.

• Total shareholder return over the last 12 months was 108%, with share price up 24% in 1Q26.

Outlook and guidance

• Expectation of continued market share and margin growth, with focus on operational efficiency, disciplined capital allocation, and strategic expansion of branded network.

• Margin of R$ 200 per cubic meter seen as sustainable baseline for future quarters.

• Ongoing investments in technology and AI to drive productivity and operational efficiency.

• Attentive to energy matrix transformations and institutional improvements in market regularity.