Slides
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3Q26 Results November 2026
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▪ External Landscape : Vibra ensures market supply despite ongoing instability in the Middle East; ▪ Focus on Core Business and Growing Value Proposition : +210 stations and +99 new B2B contracts in the quarter; ▪ Volume: 4% growth vs 3Q25; ▪ Cash Generation: Net Debt reduction of R$ 1.7 billion (vs 2Q26), reaching 1.0x Leverage; ▪ Shareholder Returns : R$ 1.5 billion in dividends announced year - to - date; ▪ Long - Term Strengthening: +595 stations, +261 B2B contracts and R$ 4.8 billion Net Debt reduction in 9M26. Strategy aligned with long - term growth 2
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Volume (thousand m 3 ) 9,612 (+4% YoY) Market Share 24.2% (+0.4 p.p. YoY) Adjusted EBITDA R$ 4.3 bn (+137% YoY) Recurring Adjusted EBITDA Mg.¹ R $ 381 / m³ (+139% YoY) Leverage 1.0x ( - 1.7x YoY) Net Debt down R$ 1.7 bn New Stations +210 (in the quarter) Operating Cash Flow R$ 2.7 bn ( - 29% YoY) Adjusted EBITDA Mg.¹ R $ 427 / m³ (+142% YoY) Consolidating results and paving the way for long - term structural advances ( 1) Adjusted EBITDA margin only includes Vibra Distribution figures 3
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Adjusted Expenses 1 (R$/m 3 ) Volume (million m 3 ) 84 69 58 63 80 77 91 2019 2020 2021 2022 2023 2024 2025 40,2 36,8 38,5 38,6 36,9 35,8 35,9 2019 2020 2021 2022 2023 2024 2025 9,3 9,1 9,6 3Q25 2Q26 3Q26 +4% +6% 85 88 93 3Q25 2Q26 3Q26 +9% +5% 1. Adjusted Operating Expenses excluding effect of hedging and Trading MTM, untimely tax recoveries, CBIOs and property sales. 2. Does not include the effects of Extraordinary Tax Recoveries (LC192 - 194/22) Ebitda Margin growing steadily since 2019 4 Adjusted EBITDA Margin 2 (R$/m 3 ) 78 104 129 133 169 175 197 2019 2020 2021 2022 2023 2024 2025 177 476 427 3Q25 2Q26 3Q26 +142% - 10%
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Retail Lubricants Comerc Average Monthly Volume (AMV) +13% YoY Ebitda +39% YoY Synthetics Volume +14% YoY Ebitda Margin +64% YoY Consumer Units (DG) +93% YoY Customers Free Market +474 YoY Ebitda (@Stake) R$ 279mm Consolidating leadership New Stations 9M26 +595 Total Stations 7,686 5 B2B Additivized Mix +9p.p. YoY Gross Profit +100% YoY New Contracts 9M26 +261
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Priority allocation to Core Business Return on Invested Capital (ROIC) Vibra Distribution 644 579 298 618 439 727 2022 742 2023 1,134 2024 1,013 2025 1,371 1,321 1,432 2,070 389 362 139 146 328 177 72 67 765 9M25 561 9M26 240 3Q25 211 3Q26 1,482 1,100 451 424 Renewables Cust . Bonuses Distribution Capex (R$ millions) 13.8% 3Q25 27.1% 2Q26 32.8% 3Q26 24.8 3.2 23.1 6.7 24.6 8.1 ROIC (%) Nopat¹ LTM (R$ Bi) Capital² (R$ Bn ) 1. Net Operating Profit After Taxes | 2. Capital excluses the effects of Extraordinary Tax Recoveries LC192 - 194/22. 6
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Capital Structure: continuous evolution of the financial structure... 0.73% 3Q25 0.22% 2Q26 0.10% 3Q26 4.5 5.1 5.5 Cost of Debt Average Term 2.7x 3Q25 2.4x 4Q25 2.0x 1Q26 1.3x 2Q26 1.0x 3Q26 18,8 19,2 18,6 16,1 14,4 Indebtedness and Leverage 1 (R$ billions) Cost and Average Debt Tenor (CDI+, Years) 7 1. Excludes the effects of Extraordinary Tax Recoveries LC192 - 194/22. Leverage Net Debt
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Total debt through 2029: R$ 3.953 bn Reduction of R$ 5.504 bn (vs 4Q25) ...through liability management and debt profile optimization Debt Profile 3Q26 (R$ million) Net Debt: R$ 14.4 Bn (-R$4.8 Bn) Leverage: 1.0x (-1.4x) Average maturity: 5.5 years (+0.9 year) Debt cost (CDI+): 0.10% (-56 bps) Debt cost (% CDI): 100.8% (-4.3 p.p.) An active Liability Management agenda repositions the debt profile and optimizes long - term financial structure 8 311 278 Cash 2026 2027 2028 2029 2030 2031 2032 2033 2034+ 5,813 1,070 2,294 3,721 2,669 2,483 2,848 2,911 Total debt through 2029:R$ 9,457mm Net Debt: R$ 19.2 Bn Leverage: 2.4x Average maturity: 4.6 years Debt cost (CDI+): 0.66% Debt cost (% CDI): 105.1% Debt Profile 4Q25 (R$ million) 4.146 365 2.734 2.938 3.420 4.442 2.633 1.328 645 1.317 Cash 2026 2027 2028 2029 2030 2031 2032 2033 2034+
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Consistent Returns for Shareholders 54% 34 % 26 % 75 % 23% Dividends (R$ millions) Total Shareholder Returns (TSR) Base 100 LTM¹ 824 2022 2023 2024 2025 9M26 1,537 4,766 1,605 6,367 1,636 2,663 6,408 1,451 1.200 800 1. Covers the period from 10/01/2025 to 09/30/2026 9 out/25 nov/25 dez/25 jan/26 fev/26 mar/26 abr/26 mai/26 jun/26 jul/26 ago/26 set/26 out/26 VBBR VBBR + Dividends CDI IBOV 176 165 128 114
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Closing Remarks ▪ Vibra ensures full supply to its Network and Clients, reinforcing its value proposition ; ▪ Record branding conversion, with + 595 stations in 9 M 26 , improving network quality and long - term results predictability ; ▪ Cash generation and responsible liability management, reaching 1 . 0 x leverage (vs 2 . 7 x in 3 Q 25 ), with cheaper and longer - term debt ; ▪ Capital allocation discipline increases ROIC to 32 . 8 % ; ▪ Vibra continues to strengthen structurally to sustain growth in its Core business, with discipline and creating long - term value . 10
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ERNESTO POUSADA CEO Q&A MAURÍCIO TEIXEIRA CFO
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THANK YOU ri@vibraenergia.com.br ri.vibraenergia.com.br