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Verbio (VBK) investor relations material
Verbio Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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