Vibra Energia (VBBR3) Investor Day 2025 summary

Strategic execution and future plans

• Reinforced commitment to the 2030 strategy, focusing on five growth avenues: retail leadership, B2B offer enhancement, logistics expansion, lubricant business acceleration, and renewables return.

• Achieved record growth in retail, with a robust pipeline for new branded stations and a focus on margin consolidation and market share recovery, including 357 new branded stations by November 2025.

• B2B segment expanded through digital channels, premium product mix, and AI-driven pricing, with a 5% increase in client base and higher diesel market share.

• Logistics efficiency improved via AI, cost reductions, asset optimization, and R$460 million investment in 2025, with increased use of large-scale transport modes.

• Lubricants business restructured for autonomy, achieving double-digit EBITDA growth, record volumes, and top-of-mind brand status for nine consecutive years.

Financial guidance and capital allocation

• Delivered consistent year-over-year adjusted EBITDA growth, with 10% annual margin increase and 2025 profitability on track to surpass 2024.

• Generated nearly BRL 12 billion in free cash flow over three years, maintaining disciplined capital allocation and deleveraging to below 2.5x.

• Announced BRL 4.4 billion in dividends over three years, with a policy to distribute at least 40% of results and potential for higher payouts as leverage decreases.

• SG&A reduction and operational efficiency are key priorities for 2026, with targeted cost per cubic meter improvements and ongoing restructuring.

• Focus remains on core business value extraction, with selective investment in new avenues only if risk-return is attractive.

Regulatory and market environment

• Benefited from regulatory advances such as single-phase tax arrangements and joint tax liability, leading to market share gains and more consistent enforcement against irregular distributors.

• Ongoing sector reforms in 2025 and 2026 are expected to further reduce irregularities and improve competitive conditions.

• Ongoing engagement with authorities to ensure fair competition and close regulatory loopholes, with continued advocacy for sector reforms.

• Renewables strategy centers on Comerc, with focus on operational cash flow break-even, leveraging distributed generation expertise, and over 20% return on energy efficiency investments.

• Prepared for potential Petrobras brand contract expiration in 2029, with contingency plans under discussion.