Vibra Energia (VBBR3) Q3 2025 earnings summary

Executive summary

• Achieved best operating cash flow in seven years at R$3.5 billion, up 77% year-over-year, driven by active working capital management and operational efficiency.

• Net debt reduced by R$2.3 billion quarter-over-quarter, with leverage dropping from 2.9x to 2.7x.

• Market share increased to 23.8%, with 117 new service stations added and a robust pipeline for further expansion.

• Record lubricant volumes and creation of a dedicated business unit to accelerate growth in this segment.

• Regulatory advances improved the competitive landscape, supporting market share gains and operational stability.

Financial highlights

• Adjusted EBITDA reached R$1.8 billion in 3Q25, up 7% quarter-over-quarter but down 9% year-over-year; adjusted net income was R$546 million.

• Adjusted EBITDA margin improved to R$177/m³, with commercial margin rising to R$169/m³.

• Operating cash flow for the quarter was R$3.5 billion, reflecting strong supplier and inventory management.

• ROIC for the quarter was 13.8%.

• Adjusted net revenue for 3Q25 was R$48.6 billion, up 4.6% year-over-year.

Outlook and guidance

• Expecting continued volume and margin growth in Q4, especially in Rio and São Paulo, with further efficiency gains in working capital.

• Comerc's revised 2025 EBITDA guidance: R$1.05–1.15 billion, reflecting risk mitigation and gradual volume recovery.

• Optimism for 2026, with regulatory improvements and robust branded station pipeline supporting future growth.

• Investor Day scheduled for December 9, 2025, to present strategic updates.