Vibra Energia (VBBR3) Investor Day 2024 summary

Strategic vision and growth pathways

• Aims to consolidate as Brazil's leading multi-energy platform, expanding from traditional fuels to renewables, energy efficiency, and distributed generation.

• Five growth pathways: leadership in gas stations, B2B portfolio expansion, logistics footprint growth, lubricants (Brazil and LATAM), and disciplined entry into renewables.

• Focus on asset-light growth, distributed generation, and energy efficiency, with strategic investments in biomethane and SAF technologies.

• Aggressive expansion in convenience stores (BR Mania) and Lubrax Mais franchises, aiming to double store count and grow franchise presence by 50%.

• Strong focus on fighting sector illegality, with dedicated teams and partnerships to formalize the market and recover lost volumes.

Financial discipline and capital allocation

• Achieved record adjusted EBITDA of R$6.3B in 2023, with a 19% CAGR since 2019 and net profit of R$4.8B.

• Disciplined expense management, integrated planning, and daily performance monitoring drive margin expansion and cash generation.

• CapEx for the next cycle will be higher than the previous five years, supporting growth in core and new business lines.

• Dividend policy maintained at 40% of net profit, balancing growth investments and shareholder returns.

• Net debt/EBITDA reduced from 3.0x (2Q23) to 1.0x (2Q24), with ROIC rising to 19.6%.

Operational excellence and customer focus

• Enhanced logistics network with 1.6 million m³ storage, 200+ operational units, and cost advantages of 15-20% below market.

• B2B segment leads in diesel (30% share) and aviation fuel (61% share), with new natural gas offerings and a dedicated agribusiness structure.

• Launch of Agro Top diesel and tailored lubricants for agribusiness, targeting market share growth from 22% to match national averages.

• Lubricants business saw 35% EBITDA growth over three years and doubled gross profit in five years, targeting LATAM leadership.

• Customer-centric management model, with daily and weekly performance reviews, and a culture of active listening to clients and partners.