Vibra Energia (VBBR3) Q4 2024 earnings summary

Executive summary

• 2024 marked a milestone year with record EBITDA above BRL 6 billion, net income up 33.6% to R$6.4 billion, and free cash flow exceeding BRL 3.3 billion, reinforcing leadership in multi-energy and fuel distribution.

• Closed the Comerc Energia acquisition, surpassing synergy and EBITDA targets, expanding renewable capacity to 2.1 GW, and contributing significantly to cash generation.

• Maintained stable or growing market share in key segments, with notable growth in lubricants, B2B, and premium product mix.

• Strengthened relationships with resellers, expanded service station network, and enhanced value proposition through new deals and events.

• Received multiple ESG recognitions and exceeded 8% reduction target for scope 1 and 2 emissions.

Financial highlights

• Adjusted EBITDA for 2024 was R$6.3 billion, with Q4 at R$1.307 billion and a margin of 3.7%; full-year adjusted EBITDA margin at R$175/m³.

• Net income for 2024 reached R$6.4 billion, with Q4 net income at R$510 million.

• Free cash flow totaled R$3.4 billion in 2024; 4Q24 FCF was R$0.9 billion.

• ROIC stood at 15.5% for the year.

• CapEx for 2024 was BRL 1.821 billion; gross debt ended at R$19.9 billion, mainly due to Comerc acquisition.

Outlook and guidance

• Ambitions for 2025 include further growth in profitability, cash generation, and aggressive deleveraging, with a focus on synergy capture post-Comerc acquisition.

• CapEx for 2025 expected to be similar to 2023, with a focus on cost reduction and maintaining leverage below two times.

• Guidance for Comerc EBITDA in 2025 is R$1.3 billion.