Earnings release
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PÚBLICA 1 ADR (OTC): VBREY 2Q26 Results August 2026
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PÚBLICA 2 ADR (OTC): VBREY WEBCAST 2Q26 For queries or if you are unable to connect to the call, please contact us on the e-mail ri@vibraenergia.com.br The transcription, presentation and audio will be made available after the teleconference/webcast on the Company’s site: ri.vibraenergia.com.br Vibra Energia is hosting a Webcast with simultaneous translation on August 17, 2026 to discuss the Company’s results for the second quarter of 2026. The presentation can be downloaded from the Company’s website one hour before the teleconferences commence. Time 10:00 a.m. (Brasília) / 09:00 a.m. (New York). Link for access Webcast: Click here
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PÚBLICA 3 ADR (OTC): VBREY 2Q26 in review Net Debt down R$ 2.6 billion Adjusted EBITDA margin1 R$ 476/m³ Return on Invested Capital (ROIC)² 27,1% Recurrent Adjusted EBITDA Margin1 R$ 456/m³ Adjusted Ebitda R$ 4.5 billion Sales Volume 9,053,000 m³ Leverage 1.3x 1 EBITDA margin only includes Vibra Distribution figures 2 ROIC refers to Vibra Parent Company and excludes the impact of the Extraordinary Tax Recovery (LC194/22) Net Income Adjusted R$ 2.3 billion Operating Cash Flow R$ 3.8 billion
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PÚBLICA 4 ADR (OTC): VBREY Management Message The second quarter of 2026 was marked by the ongoing conflict in the Middle East and its effects on the global fuel market. With international prices still at high levels and Brazil as a net fuel importer, the domestic market dynamics remained impacted by reduced product availability and greater price volatility. Vibra continued to act responsibly, honoring its contracts and ensuring full supply to its customers and partners. On the commercial front, the progress in combating irregularities in the sector and the supply squeeze continued to strengthen the branded networks’ value proposition. We capitalized on this movement with a record number of new branded stations for the third consecutive quarter, with a focus on the quality of the network: 230 new stations in 2Q26, an improvement on the 155 in 1Q26 and a quarterly average of 101 retail stations in 2025, in addition to growing the B2B client portfolio with over 100 new contracts signed. These are structural gains: new contracts, new relationships, and new volumes that will endure regardless of any short-term circumstances. On the operational front, the quarter marked a new phase for Vibra in the ethanol market, with direct operations and greater supply flexibility. Our trading desk began operations at the start of the quarter and is already delivering results, driving portfolio optimization and expanding the ability to respond to market opportunities. This series of advancements is reflected in solid operational performance. We sold 9,053,000 m³ in the quarter, with a Recurring Adjusted Ebitda of R$ 4.1 billion, an Adjusted Recurring Ebitda Margin of R$ 456/m³, and an Operating Cash Flow of R$ 3.8 billion, showcasing our ability to execute and efficiently manage working capital. As a result, ROIC reached 27%, highlighting the quality of our portfolio. The period was also notable for cash generation, which we directed towards two clear priorities: reducing debt and expanding the branded networks. We ended the quarter with a leverage ratio of 1.3x, continuing the consistent deleveraging trajectory initiated in 2Q25 (2.9x), reducing the ratio by 1.6x (2,9x ex. LCs 192/194). Throughout the quarter, we conducted more than 10 Liability Management operations, extending the debt term by 0.8 years and reducing the average cost by 44 bps compared to the previous quarter, contributing to lower financial expenses both now and in the coming years. Beyond deleveraging and network expansion, we announced the distribution of R$ 558 million in Interest on Equity in the second quarter, reaffirming our commitment to shareholder returns. Consolidating Gains and Strengthening Vibra for the Next Growth Cycle
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PÚBLICA 5 ADR (OTC): VBREY Vibra is entering the second half even stronger. For our Retail and B2B clients, we ensured supply amid challenging conditions, reinforcing our position as a long-term partner and leading distributor. For our shareholders, we grew the business while reducing leverage, maintaining dividend distributions. For the country, we continue fulfilling our role in a sector critical to national energy security. These are the foundations that will permit the continuation of our growth trajectory in upcoming cycles. Ernesto Pousada CEO
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PÚBLICA 6 ADR (OTC): VBREY Vibra Consolidated 1 Adjusted Operating Expenses excluding Hedge, CBIOs, Other Tax Recoveries, and Real Estate Sales. | 2 Recurring Adjusted EBITDA, excluding the Tax Recovery and Property Sales. Amid complex and challenging external conditions, Vibra showed progress in its operational and financial performance, combining margin and volume expansion. During the quarter, the Company reinforced its leadership position in the sector, contributing to national supply and advancing in its expansion strategy, with a record number of new branded stations. Total volume sold was 9,053,000 m³ (+4% vs 2Q25), of which 5,800,000 m³ (+6% vs 2Q25) in the Retail Network Segment, driven primarily by performance in Gasoline and Ethanol sales, and 3,253,000 m³ (unchanged on 2Q25) in the B2B Segment. Even with the international and domestic supply scenario impacted by the Middle East conflict, Vibra fully honored its commercial commitments, ensuring full supply to customers and partners and maintaining the normality of its operations. The security of supply, logistical reach, and quality of marketed fuels enhanced the Company’s value proposition, reflected in the branding of 230 new stations in the quarter, an acceleration over the 155 in 1Q26 and the quarterly average of 101 stations in 2025. In the B2B segment, the supply reliability built over the years is a competitive advantage for Vibra, even amid greater price volatility in the international market. This track record translated into an expanded client base, with more than 100 new contracts formalized in the quarter. In Renewables, the quarter was more challenging: despite positive results in Distributed Generation and Solutions, stubborn curtailment at high levels (27.9%) impacted the performance of Renewable Generation assets, a situation worsened by higher energy prices during the period, which increased energy purchase costs, putting pressure on trading margins and operational results. In millions of Reais (except where stated) 2Q26 2Q25 2Q26 x 2Q25 1Q26 2Q26 x 1Q26 1H26 1H25 1H26 x 1H25 Volume of Sales (thousand m³) 9.053 8.725 4% 8.737 4% 17.790 17.134 4% Adjusted Net Revenue 57.428 45.751 26% 48.251 19% 105.679 90.787 16% Adjusted Gross Income 5.345 2.203 143% 3.450 55% 8.795 4.822 82% Adjusted Gross Margin (%) 9,3% 4,8% 4,5 p.p. 7,2% 2,1 p.p. 8,3% 5,3% 3,0 p.p. Adjusted Operating Expenses¹ (963) (825) 17% (976) (1%) (1.939) (1.650) 18% Finance Revenue/Expense (144) (142) 1% (151) (5%) (295) (272) 8% Net Income 2.352 292 705% 1.613 46% 3.965 893 344% Adjusted Net Income² 2.293 493 365% 1.681 36% 3.974 1.498 165% Adjusted EBITDA 4.499 1.472 206% 3.204 40% 7.703 3.497 120% Adjusted EBITDA Comerc 188 224 (16%) 147 28% 335 437 (23%) Adjusted EBITDA Distribution 4.311 1.248 245% 3.057 41% 7.368 3.060 141% Adjusted EBITDA margin (R$/m³) 476 143 233% 350 36% 414 179 132% Nonrecurring Items (187) (265) (29%) (800) (77%) (987) (696) 42% Tax Recoveries (145) (208) (30%) (784) (82%) (929) (602) 54% Sale of properties (42) (57) (26%) (16) 163% (58) (94) (38%) Recurring adjusted EBITDA 4.124 983 320% 2.257 83% 6.381 2.364 170% Adjusted Recurring EBITDA margin (R$/m³) 456 113 304% 258 76% 359 138 160%
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PÚBLICA 7 ADR (OTC): VBREY As was the case last quarter, the Retail segment presented solid performance, with volume growth and better profitability. Throughout the period, Vibra reinforced its value proposition and strengthened its relationship with the Branded Network, ensuring supplies despite the national and international instability. Meanwhile, the Company optimized supply for Non-branded clients with higher conversion potential, broadening growth fronts for the Network. Sales Volume traded reached approximately 5,800,000 m³ (+6% vs 2Q25), driven primarily by higher sales of Gasoline (+8% vs 2Q25) and Ethanol (+8% vs 2Q25), followed by Diesel (+4% vs 2Q25). Adjusted Net Revenue totaled R$ 32.0 billion (+16% vs 2Q25) while Adjusted Gross Profit reached R$ 2.9 billion (+187% vs 2Q25). As a result, Adjusted Gross Margin reached R$ 501/m³ (+171% vs 2Q25). Our Adjusted Ebitda for this segment amounted to R$ 2.7 billion (+308% on 2Q25), resulting in an Ebitda Margin of R$ 458/m³ (+284% on 2Q25). Excluding the effects of non-recurring items, the segment presented Recurring Adjusted Ebitda of R$ 2.5 billion (+326% vs 2Q25) and a Recurring Adjusted EBITDA Margin of R$ 436/m³ (+301% vs 2Q25). The expansion plan continues to advance, supported by the ongoing reinforcement of Vibra’s value proposition with the Branded Network and prioritizing capital allocation in the core business. This quarter alone, 230 new stations were added, closing the period at 7,556. In millions of Reais (except where stated) 2Q26 2Q25 2Q26 x 2Q25 1Q26 2Q26 x 1Q26 1H26 1H25 1H26 x 1H25 Volume of sales (thousand m³) 5.800 5.465 6% 5.505 5% 11.305 10.680 6% Adjusted Net Revenue 32.033 27.503 16% 28.862 11% 60.895 54.473 12% Adjusted Gross Income 2.905 1.011 187% 2.084 39% 4.989 2.360 111% Adjusted Gross Margin (R$/m³) 501 185 171% 379 32% 441 221 100% Adjusted Operating Expenses¹ (324) (303) 7% (323) 0% (647) (616) 5% Adjusted Oper. Expenses (R$/m³) (56) (55) 1% (59) (5%) (57) (58) (1%) Adjusted EBITDA 2.658 652 308% 1.729 54% 4.387 1.645 167% Adjusted EBITDA margin (R$/m³) 458 119 284% 314 46% 388 154 152% Nonrecurring Items (129) (58) 122% (20) 545% (149) (156) (17%) Tax Recoveries (116) (1) 11500% (4) 2800% (120) (62) 87% Sale of properties (13) (57) (77%) (16) (19%) (29) (94) (86%) Recurring adjusted EBITDA2 2.529 594 326% 1.709 48% 4.238 1.489 185% Adjusted Recurring EBITDA margin (R$/m³) 436 109 301% 310 40% 375 139 169% Total number of service stations 7.556 7.989 (5%) 7.514 1% 7.556 7.989 (5%) 1 Adjusted Operating Expenses excluding Hedge, CBIOs, Other Tax Recoveries, and Real Estate Sales. | 2 Recurring Adjusted EBITDA, excluding the Tax Recovery and Property Sales. Retail
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PÚBLICA 8 ADR (OTC): VBREY In the B2B segment, Vibra consolidated its track record of profitability gains, supported by the strength and diversity of its client portfolio, present in sectors such as aviation, maritime, industry, and agribusiness, among others. The mix management continued to focus on higher value-added products, contributing to the segment’s improved profitability. B2B Sales Volume for the quarter was 3,253,000 m³ (stable vs 2Q25). As a strategy for enhancing the mix, the Company also increased the proportion of additized products, which have higher margins and directly contributed to the improvement in results. Additized products now account for 30% of total diesel volumes sold by the B2B segment. The Jet Fuel segment faced a more challenging situation throughout the quarter. The escalation of the conflict in the Middle East drove up Aviation Fuel (QAV) prices, increasing fuel costs for airlines. Vibra maintained full supply to its customers and ended 2Q26 with volume growth of +2% year-over-year, reinforcing its position as a leader in Brazil. The Lubricants segment was also impacted by the conflict in the Middle East, with greater price volatility, global base stocks shortages, and competitive pressure throughout the quarter. Given this, we prioritized profitability and quality growth: pricing discipline and product mix management enabled us to improve our financial results. Furthermore, advances in partnerships with automakers continue to consolidate the Lubrax brand, opening a significant growth avenue. Adjusted Net Revenue was R$ 23.8 billion (+41% vs. 2Q25), while Adjusted Gross Profit reached R$ 2.2 billion (+149% vs. 2Q25), with an Adjusted Gross Margin of R$ 681/m³ (+149% vs. 2Q25). Our Adjusted Ebitda for this segment amounted to R$ 1.7 billion (+142% on 2Q25), resulting in an Adjusted Ebitda Margin of R$ 531/m³ (+142% on 2Q25). Excluding non-recurring items, B2B presented Recurring Adjusted Ebitda of R$ 1.7 billion (+231% vs 2Q25) and a Recurring Adjusted EBITDA Margin of R$ 523/m³ (+232% vs 2Q25). This combination of strong contractual relationships and market credibility led to the signing of over 100 new supply contracts this quarter, expanding customer loyalty and the Company's customer base and supporting long-term results. In millions of Reais (except where stated) 2Q26 2Q25 2Q26 x 2Q25 1Q26 2Q26 x 1Q26 1H26 1H25 1H26 x 1H25 Volume of sales (thousand m³) 3.253 3.260 (0%) 3.232 1% 6.485 6.454 0% Adjusted Net Revenue 23.787 16.898 41% 17.802 34% 41.589 33.766 23% Adjusted Gross Income 2.215 890 149% 1.163 90% 3.378 1.878 80% Adjusted gross margin (R$/m³) 681 273 149% 360 89% 521 291 79% Adjusted Operating Expenses¹ (497) (320) 55% (466) 7% (963) (675) 43% Adjusted Oper. Expenses (R$/m³) (153) (98) 56% (144) 6% (148) (105) 42% Adjusted EBITDA 1.728 715 142% 1.473 17% 3.201 1.621 97% Adjusted EBITDA margin (R$/m³) 531 219 142% 456 17% 494 251 97% Nonrecurring Items (28) (202) (86%) (794) (96%) (822) (534) n.a. Tax Recoveries (29) (207) (86%) (794) (96%) (823) (540) n.a. Sale of properties 1 5 (80%) 0 n.a. 1 6 n.a. Recurring adjusted EBITDA2 1.700 513 231% 679 150% 2.379 1.087 119% Adjusted Recurring EBITDA margin (R$/m³) 523 157 232% 210 149% 367 168 118% 1 Adjusted Operating Expenses excluding Hedge, CBIOs, Other Tax Recoveries, and Real Estate Sales.| 2 Recurring Adjusted Ebitda, excluding the value of Tax Recovery and Real Estate Sales. B2B
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PÚBLICA 9 ADR (OTC): VBREY Comerc ended the second quarter of 2026 with positive results compared to the same period in 2025 in (i) Centralized Generation, (ii) Distributed Generation, (iii) Energy Solutions, and (iv) operational efficiency with reduced expenses. Despite these results, the quarter's Ebitda @stake dropped compared to the same period last year (-17% vs 2Q25). This performance was mainly due to three factors: (i) the commercial performance, which reflects the challenging moment in the energy market, (ii) lower solar and wind generation due to resources below the historical average for the period, and (iii) curtailment, which reached 27.9% this quarter, impacting the performance of Centralized Solar Generation plants. Regarding the Current Gross Profit, Comerc reported a value below that recorded in the YoY comparison (-24% vs 2Q25), mainly due to the commercial performance, partially offset by growth in Centralized Generation, Distributed Generation, and Energy Solutions. The main highlights of each business vertical were: • Centralized Generation (CG): Current Gross Profit grew 43% vs 2Q25, driven by the recognition of compensation for generation cuts related to events before November 25, 2025. Additionally, the Company continues to diversify credit risk through the management of offtakers, while solar plants achieved a potential generation (effective generation plus resource and curtailment effects) of 97.7% of P50 for the quarter. • Distributed Generation (GD): the Company continues to strongly expand its consumer base, with about three times more subscribers on Comerc's platform than in 2Q25, accompanied by a 44% growth in energy generated. • Commercial Operations: reflects the deliberate reduction of directional exposure due to liquidity challenges and credit risk of counterparts. Gains from short-term operations were insufficient to offset structural positions and others we carried over for settlement that negatively impacted results. This strategy reflects the company's conservative stance given high market volatility, along with significant changes that impacted the energy pricing model. • Solutions: The Company continues to expand its Energy Efficiency initiatives. Projects have been delivered on time and within the planned Capex, driving the growth of recurring revenue. 1 Excludes the effect of fair value variation in energy futures contracts of our Trader Renewables In millions of Reais (except where stated) 2Q26 2Q25 2Q26 x 2Q25 1Q26 2Q26 x 1Q26 1H26 1H25 1H26 x 1H25 Net Revenue 1.608 1.350 19% 1.587 1% 3.195 2.548 25% Current Gross Income¹ 225 296 (24%) 204 11% 429 573 (25%) Adjusted Net Income (109) (1) 8419% (80) 35% (189) (116) 63% Adjusted EBITDA 188 224 (16%) 147 28% 335 437 (23%) Ebitda @Stake 228 274 (17%) 192 19% 420 542 (23%)
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PÚBLICA 10 ADR (OTC): VBREY Corporate Corporate Operating Expenses are primarily composed of costs and support structures of the Company not allocated to other operating segments. Compared to the same period last year, the Company reduced its Adjusted Corporate Operating Expenses by approximately R$ 19 million (-15% vs 2Q25). The Company remains permanently committed to cost discipline, focusing on reducing and controlling Operating Expenses. 1 Adjusted Operating Expenses excluding Hedge, CBIOs, Other Tax Recoveries, and Real Estate Sales. The reconciliation of Adjusted EBITDA for the period primarily reflects managerial impacts that do not necessarily represent the Company's recurring operational dynamics. These effects are presented separately to enable a better understanding of the factors that impacted quarterly performance and facilitate comparative analysis. Ebitda Reconciliation In millions of Reais (except where stated) 2Q26 2Q25 2Q26 x 2Q25 1Q26 2Q26 x 1Q26 1H26 1H25 1H26 x 1H25 Adjusted Operating Expenses¹ (105) (124) (15%) (131) (20%) (236) (212) 11,3% In millions of Reais (except where stated) 2Q26 2Q25 2Q26 x 2Q25 1Q26 2Q26 x 1Q26 1H26 1H25 1H26 x 1H25 Net Income 2.352 292 705% 1.613 46% 3.965 893 344% Net finance income 630 552 14% 581 8% 1.211 1.223 -1% Income tax and social contribution 879 179 391% 447 97% 1.326 441 201% Depreciation and amortization 352 263 34% 289 22% 641 505 27% Ebitda 4.213 1.286 228% 2.930 44% 7.143 3.062 133% Impairment of investments 0 0 n.a. 0 n.a. 0 0 n.a. Losses and provisions in judicial and administrative proceedings 98 69 42% 17 476% 115 127 -9% Amortization of early bonuses awarded to customers 144 142 1% 151 -5% 295 272 8% Other Adjusteds 44 (25) -276% 106 -58% 150 36 317% Adjusted EBITDA 4.499 1.472 206% 3.204 40% 7.703 3.497 120% The Company remains focused on strengthening the Network, gaining competitiveness, and securing commercial opportunities, while respecting disciplined capital allocation aligned with strategic long-term planning. In renewables, during the first half of the year, we completed 8 Distributed Generation (DG) plants. Vibra also continues directing investments toward technology and Artificial Intelligence initiatives, aimed at increasing productivity and operational efficiency. These investments reinforce the Company's commitment to modernizing its processes, supporting structural gains in the short, medium and long term. Capex In millions of Reais (except where stated) 2Q26 2Q25 2Q26 x 2Q25 1Q26 2Q26 x 1Q26 1H26 1H25 1H26 x 1H25 Bonus for Clients 113 118 (4%) 103 10% 216 250 (14%) Capex Distribution 176 218 (19%) 175 0% 350 525 (33%) Renewables Capex 59 105 (44%) 50 19% 110 256 (57%) CAPEX Vibra Consolidado 348 441 (21% ) 328 6% 676 1.031 (34% ) In millions of Reais (except where stated) 2Q26 2Q25 2Q26 x 2Q25 1Q26 2Q26 x 1Q26 1H26 1H25 1H26 x 1H25 Adjusted Operating Expenses¹ (105) (124) (15%) (131) (20%) (236) (212) 11,3%
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PÚBLICA 11 ADR (OTC): VBREY Debt reduction was a priority for Vibra in 2Q26. The Company reported Operating Cash Flow of R$ 3.8 billion for the quarter, directing a significant portion of these resources to debt amortization and continuing the deleveraging process that began in previous quarters. Gross Debt reached R$ 21.9 billion (-9% vs 1Q26), and cash equivalents ended the period at R$ 6.3 billion (+11% vs 1Q26), a combination that strengthens the Company's liquidity even in a quarter with significant amortization. As a result, Net Debt ended the quarter at R$ 16.1 billion (-14% vs 1Q26), a reduction of R$ 2.6 billion for the quarter. Leverage ended 2Q26 at 1.3x, a decrease of 0.7x compared to 1Q26 (2.0x). This reduction was driven by two factors: the reduction in Net Debt by R$ 2.6 billion, supported by cash generation during the period, while Adjusted EBITDA LTM grew 33%, reaching R$ 12.1 billion with the incorporation of the quarter's results. Deleveraging remains central to Vibra's capital allocation strategy, along with investments in the core business and shareholder compensation. This discipline enhances the Company's financial flexibility and reduces the impact of external fluctuations. In millions of Reais (except where stated) 2Q26 2Q25 2Q26 x 2Q25 1Q26 2Q26 x 1Q26 Financing 20.967 24.987 (16%) 23.117 (9%) Leases 959 709 35% 880 9% Gross Debt 21.926 25.696 (15%) 23.997 (9%) Swap 430 142 203% 287 50% Adjusted Gross Debt 22.356 25.838 (13%) 24.284 (8%) (-) Cash and cash equivalents 6.294 4.833 30% 5.669 11% Net Debt 16.062 21.005 (24%) 18.615 (14%) Adjusted EBITDA LTM¹ 12.129 11.388 7% 9.102 33% Net Debt to Adjusted LTM EBITDA* (x) 1,3x 1,8x¹ -0,5x 2,0x -0,7x Average cost of the debt (CDI+) 0,22% 0,81% -0,59 p.p. 0,66% -0,44 p.p. Average debt term (years) 5,1 4,5 14% 4,3 18% Debt 1 Adjusted EBITDA LTM of 2Q25 includes the effects of Extraordinary Tax Recoveries (LC 192 and 194/22). Excluding this effect, 2Q25 leverage was 2.9x.
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PÚBLICA 12 ADR (OTC): VBREY Total Debt through 2029: R$ 9,457 mm Total Debt through 2029: R$ 4,868 mm Reduction of R$ 4,589 billion (-49%) Amortization Schedule (R$ mm) Liability Management In 2Q26, the Company advanced in its liability management strategy, focusing on reducing debt cost, extending maturities, and optimizing the capital structure. Noteworthy this quarter was the issuance of the longest-term (10 years) and lowest-cost debt (CDI - 0.40%) in the Company's history. In total, R$ 3.7 billion was redeemed, at a weighted average cost of CDI + 1.70% p.a. and an average term of 1.6 years, and R$ 2.6 billion were raised at CDI - 0.09% p.a. and an average term of 6.4 years. The Company also completed the exchange of two debts, amounting to R$ 2.1 billion, resulting in a decrease in the weighted average cost from CDI + 1.55% p.a. to CDI - 0.79% p.a. Together, these operations reduced the cost by 182 bps and extended the average term of renegotiated debts by 2.8 years. As a result of these operations, Vibra's consolidated debt cost fell from CDI + 0.66% p.a. in 1Q26 to CDI + 0.22% p.a. in 2Q26 (-44 bps vs 1Q26), while the average term increased from 4.3 to 5.1 years (+0.8 years vs 1Q26). These results reinforce Vibra's ability to source competitive financing sources and proactively manage its debt, preserving financial flexibility and sustaining value creation. 365 645 Cash 2026 2027 2028 2029 2030 2031 2032 2033 2034+ 4,146 2,734 2,938 3,420 4,442 2,633 1,328 1,317 4Q25 258 443 Cash 2026 2027 2028 2029 2030 2031 2032 2033 2034+ 6,293 1,399 2,768 5,499 2,766 1,781 2,144 2,885 2Q26
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PÚBLICA 13 ADR (OTC): VBREY Reconciliation of Net Income ¹ Ares 1, Ares Eyner, Mercury call options (Wind and solar generation) ² Mark-to-market (MTM) with no cash effect denotes the derivative embedded in the PPA contract of Hélio Valgas ³ IRPJ/CSLL deferred (34%) on item (a) + (b) + (c) In millions of Reais (except where stated) 2Q26 2Q25 2Q26 x 2Q25 1Q26 2Q26 x 1Q26 1H26 1H25 1H26 x 1H25 Net Income 2.352 292 705% 1.613 46% 3.965 893 344% (-) Fair value variation of energy trading futures contracts from the Trading unit (a) (15) 64 -123% 96 -116% 81 111 -27% (+) Call Options¹ (50) 5 -1024% (36) 40% (87) 40 -315% (+) MtM of Financial instruments (Forex Hedge) (b) (16) (133) -88% (89) -82% (104) (147) -29% (+) Embedded Derivatives² 10 230 -95% 98 -89% 108 567 -81% (+) Other Non-recurring Expenses (c) 2 17 -85% 2 7% 5 32 -85% (+) IR/CSLL effect before Adjustments³ 10 18 -46% (3) -398% 6 1 331% Adjusted net income (loss) 2.293 493 365% 1.681 36% 3.974 1.498 165% In millions of Reais (except where stated) 2Q26 2Q25 2Q26 x 2Q25 1Q26 2Q26 x 1Q26 1H26 1H25 1H26 x 1H25 Ebitda 4.213 1.286 228% 2.930 44% 7.143 3.062 133% Noncash effects on EBITDA 263 228 15% (176) -249% 87 518 -83% IR/CS paid (42) (24) 75% (38) 11% (80) (53) 51% Acquisition of decarbonization credits — CBIOs (53) (149) -64% (81) -35% (134) (314) -57% Advance bonuses (113) (118) -4% (103) 10% (216) (250) -14% Other operating cash flow items (143) (147) -3% (536) -73% (679) (509) 33% Working capital (354) (268) 32% (93) 281% (447) (701) -36% Accounts receivable (1.180) (240) 392% (330) 258% (1.510) (595) 154% Inventories (1.059) (27) 3822% (606) 75% (1.665) (459) 263% Adjusted accounts payable 2.084 (5) -41780% 960 117% 3.044 312 876% Taxes, fees and contributions (199) 4 -5075% (117) 70% (316) 41 -871% Cash Flows from Operating Activities 3.771 808 367% 1.903 98% 5.674 1.753 224% CAPEX (235) (323) -27% (225) 4% (460) (781) -41% Other 115 64 80% 51 125% 166 (2.857) -106% Cash Flows from Investment Activities (120) (259) -54% (174) -31% (294) (3.638) -92% Free Cash Flow 3.651 549 565% 1.729 111% 5.380 (1.885) -385% Borrowings (Drawdowns and Amortizations) (2.959) (1.441) 105% 78 -3894% (2.881) (3.467) -17% Free Cash Flow to Shareholders 692 (892) -178% 1.807 -62% 2.499 (5.352) -147% Dividends/interest on equity paid to shareholders 0 (241) -100% (321) -100% (321) (719) -55% Net cash produced by (used in) the period 692 (1.133) -161% 1.486 -53% 2.178 (6.071) -136% Exchange variance effect on Cash and cash equivalents (15) 11 -236% (26) -42% (41) (58) -29% Opening balance 5.107 5.473 -7% 3.647 40% 3.647 10.480 -65% Closing balance 5.784 4.351 33% 5.107 13% 5.784 4.351 33% Cash Flow Reconciliation Vibra generated R$ 3.8 billion in Operating Cash Flow in 2Q26 (+367% vs 2Q25). In terms of Working Capital performance, the Company consumed R$ 354 million, due to a timing mismatch in a receivable of approximately R$ 600 million, affecting Accounts Receivable. Excluding this effect, even amid rising input prices in the international market, the Company would have released Working Capital, demonstrating the corporate team’s efficiency. Free Cash Flow reached R$ 3.7 billion (+565% vs 2Q25), and Cash closed the period at R$ 5.8 billion (+13% vs 1Q26).
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PÚBLICA 14 ADR (OTC): VBREY Vibra’s average financial volume traded at B3 – Brasil, Bolsa & Balcão from 04/01/2026 to 06/30/2026 was R$ 261.2 million/day. The Company's shares closed trading on June 30 at R$ 29.89, dropping 3% over 2Q26. The Ibovespa index fell by 8% during this period. VBBR3 (04/01/2026 to 06/30/2026) Number of shares 1,198,563,531 Average volume shares/day (millions) 8.4 Number of free float shares 1,193,914,263 Average financial volume/day (R$ million) 261.2 Share price on June 30 (R$/share) 29.89 Average price (R$/share) 31.06 In 2Q26, an announcement of R$ 558.2 million in Interest on Equity was made for FY 2026, with payment scheduled for October 2027. The announcement of shareholder distributions totaled approximately R$ 952 million in the first half, reaffirming the Company's commitment to consistent shareholder compensation. Interest on Equity and Dividends 823 952 2022 2023 2024 2025 1H26 1,537 4,766 1,604 6,367 1,636 1,200 2,663 3,974 0.73 1.43 1.47 1.67 0.79 If share performance and compensation paid are counted, Vibra’s Shareholders achieved a total return of 63% over the last 12 months, outperforming the Ibovespa and CDI indexes. 155 163 123 115 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 VBBR3 VBBR3+Dividends IBOV CDI Capital Market Valor por ação
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PÚBLICA 15 ADR (OTC): VBREY Return on Invested Capital (ROIC) Distribution ended 2Q26 with a ROIC of 27.1%, an increase of 8.5 p.p. compared to the previous quarter. The acceleration of this indicator reflects the consistent growth of NOPAT LTM, which increased from R$ 4.7 billion in 1Q26 to R$ 6.7 billion in 2Q26, combined with disciplined allocation and management of invested capital. This result reinforces the resilience of Vibra's business model and its ability to deliver increasing returns to shareholders even in cycles of greater market volatility. Return on Invested Capital (ROIC) Vibra Distribution 14.1% 2T25 18.6% 1T26 27.1% 2T26 3.4 24.4 4.7 25.2 6.7 24.6 ROIC (%) Nopat¹ LTM (R$ Bn) Capital² (R$ Bn) 1. Net Operating Profit After Taxes | 2. Capital does not consider LC 192 -194/22 1. Net Operating Profit After Taxes | 2. Capital does not consider LC 192 -194/22 In millions of Reais (except where stated) 2Q26 2Q25 2Q26 x 2Q25 1Q26 2Q26 x 1Q26 Capital¹ 24.6 24.4 1% 25.2 -2% Nopat² LTM 6.7 3.4 93% 4.7 42% ROIC (%) 27.1% 14.1% 12.9 p.p. 18.6% 8.5 p.p.
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PÚBLICA 16 ADR (OTC): VBREY Social The Zero Sexual Violence Movement is moving into a new phase of mobilization. Zero Sexual Violence: After completing one year, the initiative led by Vibra evolved from awareness to practical mobilization, focusing on prevention, identifying risky situations, and training protection agents. The movement ended the quarter bringing together more than 210 companies and organizations, increasing its visibility at events like the Web Summit Rio, Stock Car, and Copa Truck. Protection Training empowers the Retail Network: Training for forecourt attendants and lane managers. In partnership with Childhood Brazil, Vibra launched the Protection Training, a program that prepares our Network's professionals to recognize signs of risk and refer suspicious situations to the appropriate channels. Rio Marathon Sponsorship: As a sponsor of the 5 km race at the 2026 Rio Marathon, Vibra engaged employees in a preparation journey focused on promoting physical activity and healthier habits. The initiative brought together 477 participants across different distances and accounted for 7,800 hours of training. Environment SAF with a national supply chain and certified soy. Sustainable Aviation Fuel (SAF): In partnership with Bunge and Petrobras, Vibra joined a pioneering SAF initiative produced with certified and traceable soy. The operation plans for 4,000 m³ of fuel, enough for about 1,600 flights on the Rio–São Paulo shuttle, with the potential to reduce emissions by approximately 70% compared to traditional aviation kerosene. Governance Plaudits at the Energy Summit Awards. Awards: Vibra wins Bronze at the Energy Summit Awards. The recognition highlights the Company's structured innovation model, which connects over 1,000 startups and includes more than 200 contracts, with a return of R$ 100 million for Vibra. Board of Directors: In April 2026, we held the election for the new Vibra Board of Directors. By retaining 5 of the 7 previous members and adding two new ones with proven expertise in retail and Ethanol markets, we believe we are even more prepared to continue our path of growth and consolidation as the only pure play in the sector. ESG
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PÚBLICA 17 ADR (OTC): VBREY 1 Excludes the effect of fair value variation in energy futures contracts of our Trader 2 Represents EBITDA excluding the impact of the fair value of long -term energy contracts and other non -recurring expenses 3 Represents EBITDA proportional to Comerc’s ownership interest in the businesses/projects in which it holds a stake, including both consolidated and non- consolidated entities. In millions of Reais (except where stated) 2Q26 2Q25 2Q26 x 2Q25 1Q26 2Q26 x 1Q26 1H26 1H25 1H26 x 1H25 Centralized Generation Power Generated (GWh) 487 536 (9%) 563 (14%) 1.049 1.211 -13,3% Net Revenue 159 154 3% 172 (8%) 331 317 4,5% Current Gross Income¹ 130 91 43% 99 32% 229 213 7,3% Adjusted Ebitda² 139 86 62% 97 44% 236 211 11,9% Ebitda @Stake³ 176 125 41% 131 35% 307 289 6,3% Distributed Generation Consolidated Power Generated (MWp) 149 104 44% 143 4% 292 213 37,2% Net Revenue 78 66 17% 65 20% 143 134 6,1% Current Gross Income¹ 71 60 18% 54 31% 124 114 9,0% Adjusted Ebitda² 57 51 12% 43 31% 100 103 -2,8% Ebitda @Stake³ 60 64 (7%) 55 8% 115 129 -10,8% Trading Volume Energy Traded (GWh) 8.061 7.660 5% 7.715 4% 15.777 14.742 7,0% Net Revenue 1.437 1.187 21% 1.406 2% 2.843 2.112 34,6% Current Gross Income¹ (32) 92 (135%) (5) 485% (38) 145 -126,0% Adjusted Ebitda² (39) 60 (164%) (17) 122% (56) 78 -171,8% Ebitda @Stake³ (38) 59 (164%) (17) 122% (55) 82 -166,9% Solutions Net Revenue 60 57 6% 59 2% 119 105 13,5% Current Gross Income¹ 57 53 7% 57 0% 114 101 13,0% Adjusted Ebitda² 36 25 44% 35 4% 71 42 66,1% Ebitda @Stake³ 35 24 46% 33 5% 68 40 69,4% Comerc Adjusted Ebitda² 188 224 (16%) 147 27% 335 437 -23,2% Ebitda @Stake³ 228 274 (17%) 192 19% 420 542 -22,5% Net Revenue 1.608 1.350 19% 1.588 1% 3.195 2.548 25,4% Current Gross Income¹ 225 296 (24%) 204 11% 429 573 -25,1% Adjusted Net Income (109) (1) 8419% (80) 35% (189) (116) 63,0% Renewables: Financial and Operating Metrics Annexes
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PÚBLICA 18 ADR (OTC): VBREY Annexes Statement of Financial Position R$ million Consolidated Assets 06.30.2026 12.31.2025 Current Cash and cash equivalents 5.784 3.647 Cash and restricted investments 17 26 Debentures 111 12 Net accounts receivable 8.642 6.838 Inventory 7.620 5.891 Advances to suppliers 347 587 Income tax and social contribution 129 90 Taxes and contributions recoverable 2.569 2.360 Advanced bonuses awarded to clients 471 494 Prepaid expenses 153 111 Derivative financial instruments 1.916 2.358 Non‑current assets held for sale 11 219 Other current assets 400 280 28.170 22.913 Noncurrent Cash and restricted investments 116 110 Debentures 266 351 Net accounts receivable 911 945 Judicial deposits 1.378 1.298 Taxes and contributions recoverable 7.204 6.944 Deferred income tax and social contribution 2.520 2.749 Advanced bonuses awarded to clients 775 830 Prepaid expenses 6 29 Derivative financial instruments 3.301 3.525 Other noncurrent assets 242 214 16.719 16.995 Investments 1.395 1.480 Property, plant and equipment 15.182 15.319 Intangible assets 4.371 4.256 Total Assets 65.837 60.963
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PÚBLICA 19 ADR (OTC): VBREY Annexes Statement of Financial Position R$ million Consolidated Liabilities 06.30.2026 12.31.2025 Current Trade payables 7.919 5.013 Product supply financing - - Loans and Borrowings 1.128 1.132 Leases 123 103 Customer advances 416 486 Income tax and social contribution 577 315 Taxes and contributions payable 213 251 Dividends and interest on capital 789 1.111 Payroll, vacations, charges, bonuses and profit sharing 351 415 Pension and health plan 126 153 Derivative financial instruments 1.902 2.376 Provision for Decarbonization Credits 32 36 Creditors under the acquisition of equity interests 41 72 Other accounts and expenses payable 408 308 14.025 11.771 Noncurrent Loans and borrowings 19.839 21.233 Leases 836 748 Interest on Own Capital 861 - Long-term incentive 46 76 Pension and health plan 1.238 1.267 Derivative financial instruments 3.610 3.470 Other deferred taxes 5 9 Deferred income tax and social contribution 224 209 Provision for judicial and administrative proceedings 1.301 1.250 Creditors under the acquisition of equity interests 10 10 Other accounts and expenses payable 197 179 28.167 28.451 Total Liabilities 42.192 40.222 Equity Paid-in capital 12.051 12.051 Treasury shares (44) (122) Capital reserve 34 139 Profit reserves 13.250 10.233 Asset and liability valuation adjustments (1.759) (1.694) NCI 113 134 Total Equity 23.645 20.741 Total Liabilities + Equity 65.837 60.963
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PÚBLICA 20 ADR (OTC): VBREY R$ million Consolidated P&L 2Q26 2Q25 Revenue from goods sold and services rendered 57.284 45.609 Mark-to-market 15 (64) Cost of goods sold and services rendered (52.203) (43.655) Gross profit 5.096 1.890 Operating expenses (1.213) (857) Sales (781) (749) Expected credit losses 8 15 General and administrative (427) (370) Tax (33) (27) Other net revenue (expenses) 20 274 Profit before financial income/loss and taxes 3.883 1.033 Financial (630) (552) Expenses (720) (736) Revenue 329 256 Exchange and monetary variance, net (239) (72) Equity earnings (22) (10) Profit before tax 3.231 471 Income tax and social contribution (879) (179) Current (580) (95) Deferred (299) (84) Net income for the period 2.352 292 Annexes Statement of Profit or Loss
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PÚBLICA 21 ADR (OTC): VBREY Consolidated Statement of Profit or Loss by Business Sector - 2Q26 (04/01/2026 to 06/30/2026) Consolidated Statement of Profit or Loss by Business Sector - 2Q25 (04/01/2025 to 06/30/2025) Consolidated Statement of Profit or Loss by Business Sector - 1Q26 (01/01/2026 to 03/31/2026) In millions of Reais Annexes Segment Reporting Retail B2B Renewables All Segments Corporate Total Financials Statements Reconciliation Consolidated Total Sales Revenue 32.033 23.787 1.608 57.428 - 57.428 (144) (a) 57.284 Mark to Market - - - - - - 15 (b) 15 Cost of goods sold (29.128) (21.572) (1.383) (52.083) - (52.083) (120) (c) (52.203) Gross profit (loss) 2.905 2.215 225 5.345 - 5.345 (249) 5.096 Expenses General, administrative and sales (325) (519) (61) (905) (61) (966) (234) (d) (1.200) Tax (4) (3) 0 (7) (7) (14) (19) (e) (33) Other net revenue (expenses) 82 35 24 141 (7) 134 (114) (f) 20 Equity earnings - - - - - - (22) (g) (22) Net finance income/loss - - - - - - (630) (h) (630) Adjusted EBITDA 2.658 1.728 188 4.574 (75) 4.499 Net income (loss) before tax (1.268) 3.231 Retail B2B Renewables All Segments Corporate Total Financials Statements Reconciliation Consolidated Total Sales Revenue 27.503 16.898 1.350 45.751 - 45.751 (142) (a) 45.609 Mark to Market - - - - - - (64) (b) (64) Cost of goods sold (26.492) (16.008) (1.048) (43.548) - (43.548) (107) (c) (43.655) Gross profit (loss) 1.011 890 302 2.203 - 2.203 (313) 1.890 Expenses General, administrative and sales (341) (425) (74) (840) (91) (931) (173) (d) (1.104) Tax (3) (4) - (7) (6) (13) (14) (e) (27) Other net revenue (expenses) (15) 254 (4) 235 (22) 213 61 (f) 274 Equity earnings - - - - - - (10) (g) (10) Net finance income/loss - - - - - - (552) (h) (552) Adjusted EBITDA 652 715 224 1.591 (119) 1.472 Net income (loss) before tax (1.001) 471 Retail B2B Renewables All Segments Corporate Total Financials Statements Reconciliation Consolidated Total Sales Revenue 28.862 17.802 1.587 48.251 - 48.251 (151) (a) 48.100 Mark to Market - - - - - - (96) (b) (96) Cost of goods sold (26.778) (16.639) (1.384) (44.801) - (44.801) (124) (c) (44.925) Gross profit (loss) 2.084 1.163 203 3.450 - 3.450 (371) 3.079 Expenses General, administrative and sales (321) (520) (56) (897) (83) (980) (167) (d) (1.147) Tax (3) (3) - (6) (15) (21) (38) (e) (59) Other net revenue (expenses) (31) 833 - 802 (47) 755 20 (f) 775 Equity earnings - - - - - - (7) (g) (7) Net finance income/loss - - - - - - (581) (h) (581) Adjusted EBITDA 1.729 1.473 147 3.349 (145) 3.204 Net income (loss) before tax (1.144) 2.060
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PÚBLICA 22 ADR (OTC): VBREY vibraenergia.com.br ri@vibraenergia.com.br Rua Correia Vasques, 250 Cidade Nova – CEP: 20211-140 Rio de Janeiro/RJ – Brazil