Vibra Energia (VBBR3) Q4 2025 earnings summary

Executive summary

• 2025 marked a pivotal year with consistent margin growth, record volumes, and a 75% total shareholder return, driven by share price appreciation and distributions.

• Market share reached 24.5% in Q4, up 0.8 percentage points year-over-year, with 404 new service stations added, reinforcing sector leadership.

• Net revenue for 2025 was R$189.9 billion (+10% vs. 2024), adjusted EBITDA R$7.9 billion (+27% vs. 2024, excluding tax credits), and adjusted net income R$2.7 billion (-58% vs. 2024, impacted by Comerc impairment).

• Regulatory advances and actions against irregularities improved the competitive landscape and reduced sector asymmetries.

• ESG initiatives advanced, with significant reductions in Scope 1 and 2 emissions and robust social responsibility programs.

Financial highlights

• Adjusted EBITDA for 2025 was R$7.9 billion (+27% vs. 2024, excluding tax credits); Q4 adjusted EBITDA was R$2.6 billion (+83% vs. 4Q24).

• Adjusted net income for 2025 was R$2.7 billion (-58% vs. 2024, impacted by Comerc impairment); Q4 adjusted net income was R$615 million (+20% vs. 4Q24).

• Net revenue reached R$189.9 billion (+10% vs. 2024); gross margin was 5.5%.

• Capex for 2025 was R$2.07 billion, focused on logistics, infrastructure, IT, and HSE.

• Leverage reduced to 2.4x net debt/EBITDA, with net debt at R$19.6 billion at year-end.

Outlook and guidance

• Entering 2026 with a more resilient company, focusing on margin expansion, SG&A reduction, operational excellence, and sustainable market share growth.

• Capex for 2026 expected to be in line with 2025, with plans for further distributed generation expansion and working capital efficiency.

• Comerc targeted to reach free cash flow breakeven by 2027.

• Regulatory progress and disciplined execution expected to support a new growth cycle.