Virsi-A (VIRSI) H2 2025 earnings summary

Executive summary

• Achieved record EBITDA of EUR 15.2 million in 2025, up 10.8% year-over-year, and net profit growth of 18.5%, with revenue reaching €398.1m and record market share despite national economic stagnation.

• Expanded fuel station network to 84 stations, with plans to exceed 100 pending approval of a 19-station lease from Astarte-Nafta, and opened new stations in Salacgrīva and Kuldīga.

• Diversified business model with less than 50% of gross profit from fuel, increasing contributions from convenience stores and energy, and gross profit from non-fuel segments reached 51.8%.

• Biomethane plant development on track, with compressed biomethane launched at 10 stations and trading to commence in H1 2026.

• Recognized as Latvia’s best employer in 2025, with employee base growing over 20% year-over-year.

Financial highlights

• EBITDA reached EUR 15.2 million, a 10.8% increase from 2024, and net profit rose by 18.5% to €5.5m.

• Revenue reached €398.1m in 2025, up from €380.6m in 2024.

• Convenience store gross profit grew 11.7%, now the largest business segment, and retail goods turnover increased 12%.

• CAPEX decreased to €10.6m from €21.2m in 2024, reflecting a focus on profitability and network optimization.

• Employee count rose from 756 to 919 in 2025.

Outlook and guidance

• Expectation of doubling net profit and EBITDA over the next three years, driven by new stations, Astarte-Nafta deal, and biomethane project.

• Further market share growth expected in 2026 as new stations reach full capacity.

• Biomethane trading to commence in H1 2026; additional biomethane project under evaluation.

• Energy segment expected to break even or be profitable in 2026 after addressing 2025 balancing cost issues.

• Anticipates increasing cost burden on fossil fuels due to excise duties and regulatory changes.