Verbio (VBK) Q4 2026 earnings summary

Executive summary

• Achieved a turnaround in FY 2025/26, with EBITDA rising to EUR 193.9 million from EUR 14.2 million year-over-year, driven by improved market conditions, regulatory support, and operational improvements.

• Record production levels in biodiesel, bioethanol, and biomethane, supported by ramp-up in Nevada and higher plant utilization.

• Group revenue increased to EUR 1,872.7 million, up 18.5% from the previous year, with higher selling prices and volumes in bioethanol and biomethane.

• Net financial debt reduced to EUR 91.5 million, equity ratio improved to 59.7%, and positive free cash flow of EUR 78.0 million.

• Regulatory changes, notably RED III and elimination of double-counting, improved market integrity and earnings.

Financial highlights

• EBITDA for FY 2025/26 reached EUR 193.9 million, up from EUR 14.2 million in FY 2024/25; Q4 EBITDA was EUR 88 million, up from a loss of EUR 8 million in the prior year quarter.

• Net result for the period was EUR 63.9 million, compared to a loss of EUR -137.9 million in the prior year.

• Operating cash flow improved to EUR 164.6 million, up from EUR 13.9 million year-over-year; free cash flow rose to EUR 78.0 million from EUR -119.1 million.

• Net financial debt reduced to EUR 91.5 million as of June 30, 2026, from EUR 164.0 million the previous year; equity ratio at 59.7%.

• Basic and diluted EPS returned to positive at EUR 1.00, compared to EUR -2.17 and EUR -2.16, respectively, in the prior year.

Outlook and guidance

• Group EBITDA for FY 2026/27 expected between EUR 210 million and EUR 250 million, mainly driven by Bioethanol and Biomethane segment growth and quota business.

• Production volumes, especially in North America, and biomethane output projected to increase; further reduction in net financial debt expected, supported by lower capital expenditure.

• Biodiesel segment contribution expected to be lower due to anticipated weaker market spreads and ongoing market uncertainties.

• Capital expenditure to decline, with focus shifting to optimizing existing assets, efficiency projects, and ramping up specialty chemicals.

• Most greenhouse gas quota earnings for 2026 compliance year to be recognized in Q3; surplus volumes for 2027 compliance year to be realized in 2027/2028.