Vibra Energia (VBBR3) Q2 2025 earnings summary

Executive summary

• Achieved Adjusted EBITDA of R$1.5 billion in 2Q25, with operating cash flow of R$0.8 billion, reflecting strong demand, resilience, and execution amid market volatility, despite significant inventory losses.

• Market share increased by 0.3 percentage points sequentially to 23.7% in June, with 43 new service stations added in Q2 and 92 for the year.

• Progress in capturing synergies with Comerc Energia, contributing to portfolio diversification, profitability, and operational agility.

• Renewables segment delivered net revenue of R$1.4 billion and EBITDA @stake of R$274 million, up 21% year-over-year.

• ROIC reached 14.3%, with a continued focus on gradual, structural market share gains and margin stability.

Financial highlights

• Adjusted EBITDA for Q2 2025 was R$1.472 billion consolidated, with R$248 million from Vibra and R$224 million from Comerc; adjusted net income was R$493 million.

• Operating cash flow for H1 2025 was R$1.75 billion, up from R$804 million in the prior year; Q2 operating cash flow was R$800 million.

• Gross profit for the period was R$4.23 billion, with adjusted net revenue up 8.2% year-over-year to R$45.8 billion.

• Paid R$350 million in dividends in Q2 2025; additional interest/dividends scheduled for FY24 and FY25.

• Net income for 2Q25 was R$292 million, a sharp decline from R$867 million in 2Q24.

Outlook and guidance

• Expecting a stronger third quarter in cash flow and margins, with Q3 margins likely above the structural R$150–160 per cubic meter.

• Management is committed to reducing net debt/EBITDA below 2.5x by year-end and targeting below 2x in the future.

• Guidance for Comerc’s 2025 EBITDA remains at R$1.3 billion, though curtailment in centralized solar generation is a risk.

• Positive outlook for 2H25, expecting higher diesel demand from seasonal and agribusiness factors and continued synergy capture with Comerc.

• No Pillar Two global minimum tax liability is expected for the period, with ongoing monitoring of regulatory developments.