Vibra Energia (VBBR3) Q4 2025 earnings summary

Executive summary

• 2025 marked a pivotal year with consistent margin growth, record volumes, and a 75% total shareholder return driven by share price appreciation and distributions.

• Market share reached 24.5% in Q4, up 0.8 percentage points year-over-year, with 404 new service stations added, the highest in five years.

• 4Q25 saw record sales volume of 9.5 million m³ and net revenue of R$50.5 billion, with strong contributions from the Distribution segment.

• Regulatory advances and actions against irregularities improved the competitive landscape and supported sustainable value creation.

Financial highlights

• Adjusted EBITDA for 2025 was BRL 8.2 billion, with Q4 adjusted EBITDA of R$2.6 billion, up 83% year-over-year; cash generation reached BRL 5.5 billion.

• Adjusted net income for 2025 was BRL 2.7 billion, with Q4 adjusted net income at R$615 million.

• CapEx for 2025 totaled R$2.07 billion.

• Leverage reduced to 2.4x net debt/EBITDA by year-end, with net debt at R$19.2 billion.

• Q4 adjusted EBITDA margin reached R$251/m³, up 42% sequentially and 73% year-over-year.

Outlook and guidance

• Focus for 2026 is on further margin expansion, SG&A reduction, operational excellence, and sustainable market share growth.

• CapEx for 2026 expected to be in line with 2025, with plans for an additional 44 MWp solar capacity.

• Ambition to surpass 2025 cash generation, with working capital efficiency as a key priority.

• Comerc targeted to reach free cash flow breakeven by 2027.

• Regulatory progress and disciplined execution expected to support a new growth cycle.