Vivo Energy
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Vivo Energy (VVO) investor relations material

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Vivo Energy H2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2024 earnings summary4 Jun, 2025

Executive summary

  • 2024 marked a transformational year with strong underlying growth and the successful integration of Engen, significantly increasing business scale and financial strength.

  • The executive leadership team was reinforced, and the business now operates in 28 countries under Shell and Engen brands, with 4,000 service stations and over 20 billion liters of fuel sold.

  • Sustainability remains a core focus, with strong HSSEQ performance, zero product spills, and ongoing investments in solar and LPG as part of the energy transition.

Financial highlights

  • 2024 revenue reached approximately $20 billion, with adjusted EBITDA at $683 million (up 84% year-over-year), and pro forma adjusted EBITDA at $926 million (up 150%).

  • Replacement cost adjusted EBITDA exceeded $1 billion, reflecting the impact of inventory valuation methods.

  • Gross cash profit and volume increased by nearly 60% year-over-year; on a pro forma basis, both nearly doubled.

  • Adjusted free cash flow for 2024 was $625 million, supported by robust operating performance and positive working capital changes.

Outlook and guidance

  • Q1 2025 showed a 4% year-on-year volume increase, with gross cash unit margin at $73 per cube and EBITDA on track to exceed $1 billion for 2025.

  • CapEx for 2025 expected to be between 2023 and 2024 levels, with continued investment in infrastructure and LPG.

  • Net leverage targeted at 1–1.5x, with ongoing improvements in interest cover and cash generation.

Detail Engen's non-fuel retail integration plan
Outline holdco debt refinancing strategy
Explain oil price impact on IFRS EBITDA and working capital
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