Verbio (VBK) Q2 25/26 earnings summary

Executive summary

• Revenue rose 19% year-over-year to €893.7 million in H1 2025/2026, driven by higher production and sales volumes, especially in GHG quotas and biomethane.

• EBITDA increased to €45.5 million from €14.3 million year-over-year, with EBIT improving to €14.1 million from a loss of €-15.9 million.

• Strong first half performance with momentum from Q1, despite regulatory challenges; full-year EBITDA now expected at the upper end of prior guidance (high double-digit EUR million).

• Bioethanol/biomethane segment returned to profitability and set record revenues, supported by GHG quota market recovery and higher sales in Europe.

• Biodiesel remained a stable earnings contributor, with record European production offset by planned reductions in Canada due to regulatory and seasonal factors.

Financial highlights

• Group EBITDA for H1 2025/26 reached €45.5 million, up from €14.3 million year-over-year, with Q2 EBITDA at €30.1 million.

• Revenue in Q2 was €223.8 million, down from €244.1 million in Q1 due to lower biodiesel production, but bioethanol/biomethane segment set a new record at €228 million.

• Operating cash flow improved to €35.6 million year-to-date, with a positive free cash flow in Q2.

• Net debt at December 31, 2025 was €173.6 million, up from €164.0 million at June 30, 2025, reflecting investments in specialty chemicals and SBE.

• Equity ratio remained strong at 58.2%.

Outlook and guidance

• Full-year EBITDA now guided to the upper end of the previously indicated high double-digit EUR million range.

• Moderate reduction in net financial debt expected by year-end, despite interim fluctuations.

• CapEx remains tightly controlled, with major investments in specialty chemicals, U.S. plant upgrades, and the ethenolysis plant in Germany.

• Ethanolysis plant in Bitterfeld on track to start production in H2 2026, with market development expected in 2027.

• Guidance remains cautious due to ongoing regulatory negotiations and market volatility; potential for upward revision after Q3.