Earnings release
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1 ADR (OTC): VBREY 3Q26 Results November 2026
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2 ADR (OTC): VBREY WEBCAST 3Q26 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 November 05, 2026 to discuss the Company’s earnings for the third 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) 08:00 a.m. (New York). Link for access Webcast: Click here
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3 ADR (OTC): VBREY Key facts of 3Q26 Net Debt down R$ 1.7 billion Adjusted EBITDA margin1 R$ 427/m³ Return on Invested Capital (ROIC)² 32.8% Recurring Adjusted EBITDA Margin¹ R$ 381/m³Adjusted Ebitda R$ 4.3 billion Sales Volume 9,612,000 m³ (+4% vs 3Q25) Leverage 1.0x 1 EBITDA margin only includes Vibra Distribution figures 2 ROIC refers to Vibra Distribution and excludes the impact of the Extraordinary Tax Recovery (LC194/22) Adjusted Net Income R$ 2.4 billion
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4 ADR (OTC): VBREY Management Message The challenging industry environment and an international situation still influenced by developments in the Middle East conflict carried over into the third quarter of 2026. Although the geopolitical environment continues to bring volatility to the oil and refined products markets, we remain focused on ensuring the supply needs of our customers are met. We execute our strategy with discipline, strengthen our competitive position, and create long- term value for our shareholders by delivering the energy that drives Brazil forward. On the commercial front, we maintained the pace of network expansion, continuing the branding movement from recent quarters. More than just expanding our presence, we are also improving the quality of the network, attracting excellent operators who contribute to joint value generation. Recent progress in addressing sector irregularities, combined with supply curtailments, has strengthened the value proposition of our Branded Network, resulting in the addition of 210 new stations in 3Q26. In B2B, we signed 99 new contracts. These achievements enhance our growth capacity, the predictability of results, and our long- term competitiveness. This commercial performance was reflected in the operational and financial results. In 3Q26, we sold 9,612,000 m³, with an Adjusted EBITDA of R$ 4.3 billion and a ROIC of 32.8% in the distribution segment. Our cash generation continued to be directed toward clearly defined and previously disclosed priorities: investments in branding, debt reduction and optimization of the capital structure. In 3Q26, we reduced Net Debt by R$ 1.7 billion, reaching Leverage of 1.0x. In addition, over the past 12 months we continued our active Liability Management agenda. Throughout the quarter, we carried out 10 operations, reducing the average cost of debt by 0.12 p.p. (CDI+0.10%) and extending the average debt maturity by 0.4 years compared to the previous quarter. Amid continued high interest rates, we continue prioritizing debt reduction to lower our financial expense obligations and to increase the Company's financial flexibility. To complement our capital allocation, we accordingly announced the distribution of R$ 499 million in Interest on Equity in the third quarter. To date, announced distributions for the year total R$ 1.5 billion, reaffirming our commitment to shareholder remuneration. The quarterly results showcase a stronger, more efficient Vibra that is better positioned for upcoming cycles. We transform temporary gains into structural advances, strengthening our network, reducing leverage, and expanding our cash generation capacity. This combination allows us to continue growing with discipline in our core business, preserving our financial health and consistently creating value for customers, partners, employees, and shareholders, ensuring the fuel that moves Brazil. Ernesto Pousada CEO Ensuring Long-Term Growth
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5 ADR (OTC): VBREY In millions of Reais (except where stated) 3Q26 3Q25 3Q26 x 3Q25 2Q26 3Q26 x 2Q26 9M26 9M25 9M26 x 9M25 Volume of Sales (thousand m³) 9,612 9,258 4% 9,053 6% 27,403 26,391 4% Adjusted Net Revenue 56,932 48,563 17% 57,428 (1%) 162,611 139,350 17% Adjusted Gross Income 5,229 2,671 96% 5,345 (2%) 14,024 7,493 87% Adjusted Gross Margin (%) 9.2% 5.5% 3.7 p.p. 9.3% -0.1 p.p. 8.6% 5.4% 3.2 p.p. Adjusted Operating Expenses¹ (964) (844) 14% (836) 15% (2,747) (2,514) 9% Finance Revenue/Expense (359) (647) (45%) (630) (43%) (1,570) (1,870) (16%) Net Income 2,460 407 504% 2,352 5% 6,425 1,300 394% Adjusted Net Income² 2,433 546 345% 2,293 6% 6,408 2,048 213% Adjusted EBITDA 4,288 1,806 137% 4,499 (5% ) 11,991 5,303 126% Adjusted EBITDA Comerc 184 171 8% 188 (2%) 519 608 (15%) Adjusted EBITDA Distribution 4,104 1,635 151% 4,311 (5%) 11,472 4,695 144% Adjusted EBITDA margin (R$/m³) 427 177 142% 476 (10% ) 419 178 135% Nonrecurring Items (444) (161) 176% (187) 137% (1,431) (857) 67% Tax Recoveries (379) (78) 386% (145) 161% (1,308) (680) 92% Sale of properties (65) (83) (22%) (42) 55% (123) (177) (31%) Recurring adjusted EBITDA 3,660 1,474 148% 4,124 (11%) 10,041 3,838 162% Adjusted Recurring EBITDA margin (R$/m³) 381 159 139% 456 (16% ) 366 145 152% Vibra Consolidated 1 Adjusted Operating Expenses without effect of hedging and Trading MTM, untimely tax recoveries, CBIOs and property sales. In an international front still affected by the developments in the Middle East conflict, Vibra maintained its trajectory of improving its operational and financial performance. During the quarter, the Company reinforced its leadership position in the sector, expanding the presence of its Service Station Network and increasing sales volume, ensuring supply to contracted customers even amid a highly volatile environment. The consolidated Adjusted EBITDA reached R$ 4,288 million (+137% vs 3Q25) and Adjusted Net Income totaled R$ 2,433 million (vs R$ 546 million in 3Q25). Total volume sold was 9,612,000 m³ (+4% vs 3Q25), of which 6,087,000 m³ (+6% vs 3Q25) is in the Retail Network Segment, driven primarily by performance in Ethanol and Gasoline sales, and 3,525,000 m³ (+1% on 3Q25) in the B2B Segment. International fuel prices remained high throughout the quarter, especially in September. As an importer of Diesel and Gasoline, Brazil was exposed to supply constraints and higher price volatility. In response, Vibra optimized its supply flows and met its commercial commitments, ensuring efficient and responsible supply to customers and partners. The supply squeeze, combined with progress in combating irregularities in the sector, continued to strengthen Vibra’s value proposition. In the Retail Network, supply security, logistical reach and the quality of the fuels sold were reflected in the branding of 210 new stations in the quarter, reaching 595 new stations in the first nine months of the year, 191 more than in the full year 2025. In the B2B segment, Vibra's reliable supply and strong client relationships forged over the years remain a competitive advantage. This track record translated into an expanded client base, with 99 new contracts formalized in the quarter, totaling 261 in the year. In Renewables, the quarter saw progress: Centralized Generation, Distributed Generation, and Energy Solutions showed improvement compared to 3Q25, with operational efficiency gains and reduced expenses. The Trader returned to posting positive results, even though results were lower than the same period the previous year. Consequently, @stake EBITDA grew by 17% vs 3Q25, despite curtailment levels reaching 36.4%.
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6 ADR (OTC): VBREY In millions of Reais (except where stated) 3Q26 3Q25 3Q26 x 3Q25 2Q26 3Q26 x 2Q26 9M26 9M25 9M26 x 9M25 Volume of sales (thousand m³) 6,087 5,756 6% 5,800 5% 17,392 16,436 6% Adjusted Net Revenue 32,146 28,910 11% 32,033 0% 93,041 83,383 12% Adjusted Gross Income 2,839 1,378 106% 2,905 (2%) 7,828 3,738 109% Adjusted Gross Margin (R$/m³) 466 239 95% 501 (7%) 450 227 98% Adjusted Operating Expenses¹ (301) (277) 8% (324) (7%) (948) (893) 6% Adjusted Oper. Expenses (R$/m³) (49) (48) 3% (56) (11%) (55) (54) 0% Adjusted EBITDA 2,912 1,131 157% 2,658 10% 7,299 2,776 163% Adjusted EBITDA margin (R$/m³) 478 196 143% 458 4% 420 169 148% Nonrecurring Items (406) (137) 195% (129) 215% (555) (293) 89% Tax Recoveries (372) (58) 544% (116) 221% (492) (120) 311% Sale of properties (34) (80) (57%) (13) 162% (63) (174) (64%) Recurring adjusted EBITDA 2,506 994 152% 2,529 (1%) 6,744 2,483 172% Adjusted Recurring EBITDA margin (R$/m³) 412 173 139% 436 (6% ) 388 151 157% Total number of service stations 7,686 7,922 (3%) 7,556 2% 7,686 7,922 (3%) Throughout the third quarter, Vibra continued to reinforce its value proposition and strengthen its relationship with the Retail Station Network, ensuring supply amid a landscape still marked by high international prices and reduced product availability. In parallel, the Company enhanced the quality of the Network through the conversion of new stations with leading operators who value supply security, brand strength, and joint value generation. Sales volume reached 6,087,000 m³ (+6% vs 3Q25), driven primarily by higher Ethanol (+21% vs 3Q25) and Gasoline sales (+5% vs 3Q25). Adjusted Net Revenue totaled R$ 32.1 billion (+11% vs 3Q25) while Adjusted Gross Profit reached R$ 2.8 billion (+106% vs 3Q25). Adjusted Gross Margin reached R$ 466/m³ (+95% vs 3Q25). Our Adjusted Ebitda for this segment amounted to R$ 2.9 billion (+157% on 3Q25), resulting in an Ebitda Margin of R$ 478/m³ (+143% on 3Q25). Excluding the effects of non-recurring items, the segment presented Recurring Adjusted Ebitda of R$ 2.5 billion (+152% vs 3Q25) and a Recurring Adjusted EBITDA Margin of R$ 412/m³ (+139% vs 3Q25). The expansion plan continues to advance, supported by the ongoing reinforcement of Vibra’s value proposition and prioritizing capital allocation in the core business. in the third quarter alone, 210 new stations were added, closing the period with 7,686 units (net growth of 130 stations on 2Q26), in addition to a 3% increase in the Average Monthly Volume (AMV) of Network stations compared to the previous quarter. 1 Adjusted Operating Expenses without effect of hedging and Trading MTM, untimely tax recoveries, CBIOs and property sales. Retail
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7 ADR (OTC): VBREY In millions of Reais (except where stated) 3Q26 3Q25 3Q26 x 3Q25 2Q26 3Q26 x 2Q26 9M26 9M25 9M26 x 9M25 Volume of sales (thousand m³) 3,525 3,501 1% 3,253 8% 10,010 9,955 1% Adjusted Net Revenue 23,354 17,972 30% 23,787 (2%) 64,943 51,738 26% Adjusted Gross Income 2,135 1,066 100% 2,215 (4%) 5,513 2,944 87% Adjusted Gross Margin (R$/m³) 606 304 99% 681 (11%) 551 296 86% Adjusted Operating Expenses¹ (445) (447) (0%) (370) 20% (1,252) (1,142) 10% Adjusted Oper. Expenses (R$/m³) (126) (128) (1%) (114) 11% (125) (115) 9% Adjusted EBITDA 1,307 563 132% 1,728 (24%) 4,508 2,184 106% Adjusted EBITDA margin (R$/m³) 371 161 131% 531 (30%) 450 219 105% Nonrecurring Items (6) (19) (68%) (28) (79%) (828) (553) 50% Tax Recoveries (7) (19) (63%) (29) (76%) (830) (559) 49% Sale of properties 1 0 311% 1 0% 2 6 (68%) Recurring adjusted EBITDA 1,301 544 139% 1,700 (23%) 3,680 1,631 126% Adjusted Recurring EBITDA margin (R$/m³) 369 156 137% 523 (29% ) 368 164 124% Supported by the solidity and diversity of its client portfolio across various key sectors of the country's economy, Vibra continued to deliver solid results in the B2B segment. The product mix management strategy remained in place, contributing to profitability growth. B2B sales volume in the quarter was 3,525,000 m³ (+1% vs 3Q25). As part of the mix qualification strategy, additivized products, with higher margins, grew by +9 p.p. in the total diesel volume sold compared to the same quarter the previous year. Adjusted Net Revenue was R$ 23.4 billion (+30% vs. 3Q25), while Adjusted Gross Profit reached R$ 2.1 billion (+100% vs. 3Q25), with an Adjusted Gross Margin of R$ 606/m³ (+99% vs. 3Q25). Our Adjusted Ebitda for this segment amounted to R$ 1.3 billion (+132% on 3Q25), resulting in an Adjusted Ebitda Margin of R$ 371/m³ (+131% on 3Q25). Excluding non-recurring items, B2B presented Recurring Adjusted Ebitda of R$ 1.3 billion (+139% vs 3Q25) and a Recurring Adjusted EBITDA Margin of R$ 369/m³ (+137% vs 3Q25). Sales to aviation customers continued in a challenging environment throughout the quarter, still marked by volatility in Jet Fuel (QAV) prices. Despite this, Vibra posted a 2% year-over-year increase in volume, reinforcing its leadership in the Brazilian market. In lubricant products, despite the global rise in Base Oil prices, the Company efficiently managed supply, mitigating risks and strengthening profitability. In the period, the improvement in the mix stands out, with a 14% increase vs 3Q25 in synthetic sales. The reliability of supply and market credibility resulted in 99 new supply contracts signed during the quarter, expanding customer loyalty and base. Considering the first nine months of the year, 261 new contracts have already been signed. B2B 1 Adjusted Operating Expenses without effect of hedging and Trading MTM, untimely tax recoveries, CBIOs and property sales.
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8 ADR (OTC): VBREY In millions of Reais (except where stated) 3Q26 3Q25 3Q26 x 3Q25 2Q26 3Q26 x 2Q26 9M26 9M25 9M26 x 9M25 Net Revenue 1,432 1,681 (15%) 1,608 (11%) 4,627 4,229 9% Current Gross Income¹ 255 227 12% 225 13% 683 811 (16%) Adjusted Net Income 76 (9) 85 (109) 185 (113) (125) 12 Adjusted EBITDA 184 171 8% 188 (2%) 519 608 (15%) Ebitda @Stake 279 238 17% 228 22% 699 780 (10%) Comerc ended 3Q26 with improvements over 3Q25 in Centralized Generation, Distributed Generation, and Energy Solutions, along with operational efficiency gains reflected in reduced expenses. Ebitda @stake totaled R$ 279 million (+17% vs. 3Q25) for the quarter. Positive results were observed despite the challenging energy trading environment and curtailment, which reached 36.4% during the period for Solar CG plants (+8.5 p.p. vs 2Q26). Current Gross Profit was R$ 255 million (+12% vs 3Q25). The Adjusted Net Income was R$ 76 million, turning around the R$ 9 million loss in the same period of the previous year. The main highlights of each business vertical were: • Centralized Generation (CG): Gross Profit grew 10.3% vs 3Q25, benefiting from market price conditions. The solar plants achieved potential generation (effective generation excluding the effects of resources and curtailment) of 100.1% of P50 in the quarter. At the same time, Comerc advanced in diversifying credit risk through offtaker management. In wind power, results were positively impacted by the recognition of accumulated curtailment reimbursements; • Distributed Generation (DG): the Company continued to expand its consumer base. The solar subscription platform ended the quarter with 196,000 consumer units, nearly double the 3Q25 figure, and generated energy grew by 31.1%. After this accelerated growth, the Company has been improving the management of its consumer units; • Trading: a return to positive current results after two negative quarters, driven by short-term operations gains; • Solutions: the Company continues to selectively expand its Energy Efficiency initiatives, focusing on projects with attractive return prospects, delivered on schedule and within planned Capex, supporting growth in the segment’s recurring revenue. 1 Excludes the effect of fair value variation in energy futures contracts of our Trader Renewables
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9 ADR (OTC): VBREY In millions of Reais (except where stated) 3Q26 3Q25 3Q26 x 3Q25 2Q26 3Q26 x 2Q26 9M26 9M25 9M26 x 9M25 Net Income 2,460 407 504% 2,352 5% 6,425 1,300 394% Net finance income 359 647 (45%) 630 (43%) 1,570 1,870 (16%) Income tax and social contribution 787 195 304% 879 (10%) 2,113 636 232% Depreciation and amortization 376 269 40% 352 7% 1,017 774 31% Ebitda 3,982 1,518 162% 4,213 (5% ) 11,125 4,580 143% Impairment of investments 0 0 n.a. 0 n.a. 0 0 n.a. Losses and provisions in judicial and administrative proceedings 7 111 (94%) 98 (93%) 122 238 (49%) Amortization of early bonuses awarded to customers 249 140 78% 144 73% 544 412 32% Other Adjustments 50 37 35% 44 14% 200 73 174% Adjusted EBITDA 4,288 1,806 137% 4,499 (5% ) 11,991 5,303 126% In millions of Reais (except where stated) 3Q26 3Q25 3Q26 x 3Q25 2Q26 3Q26 x 2Q26 9M26 9M25 9M26 x 9M25 Bonus for Clients 146 139 5% 113 29% 362 389 (7%) Capex Distribution 211 240 (12%) 176 20% 561 765 (27%) Renewables Capex 67 72 (6%) 59 13% 177 328 (46%) Vibra Consolidated CAPEX 424 451 (6% ) 348 22% 1,100 1,482 (26% ) In millions of Reais (except where stated) 3Q26 3Q25 3Q26 x 3Q25 2Q26 3Q26 x 2Q26 9M26 9M25 9M26 x 9M25 Adjusted Operating Expenses¹ (147) (64) 130% (105) 40% (383) (276) 39% Corporate Corporate Operating Expenses are primarily composed of costs and support structures of the Company not allocated to other operating segments. In 3Q26, Corporate Adjusted Operating Expenses amounted to R$ 147 million, an increase of approximately R$ 83 million (+130% vs 3Q25). In 9M26, this line totaled R$ 383 million (+39% vs 9M25), mainly reflecting provisions for variable compensation linked to performance and to the share price. In the first nine months of the year, these expenses represented 3.2% of Adjusted EBITDA (5.2% in 9M25). The Company remains permanently committed to cost discipline, focusing on reducing and controlling Operating Expenses. 1 Adjusted Operating Expenses without effect of hedging and Trading MTM, untimely tax recoveries, CBIOs and property 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 The Company continues to focus efforts and investments on businesses where it has clear competitive advantages, proven delivery capabilities, and a consistent history of value creation. In this context, the branding strategy remains a priority, focused on strengthening the quality of the Network, gaining competitiveness, and securing commercial opportunities, while respecting disciplined capital allocation aligned with strategic long-term planning. Against this backdrop, even with a higher number of newly branded stations, Capex for this line remained lower than in the first nine months of last year (-7% vs 9M25), as a result of the strategy of prioritizing the use of deferred bonuses. Additionally, within Distribution Capex, Vibra also continues directing investments toward technology and Artificial Intelligence (AI) 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. Renewables Capex, in turn, continues on a downward trajectory year-to-date (-46% vs 9M25), following the completion of the power generation projects that were under construction. Capex
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10 ADR (OTC): VBREY In millions of Reais (except where stated) 3Q26 3Q25 3Q26 x 3Q25 2Q26 3Q26 x 2Q26 Financing 18,932 24,259 (22%) 20,967 (10%) Leases 1,023 736 39% 959 7% Gross Debt 19,955 24,995 (20%) 21,926 (9%) Swap 247 222 11% 430 (43%) Adjusted Gross Debt 20,202 25,217 (20%) 22,356 (10%) (-) Cash and cash equivalents 5,813 6,467 (10%) 6,294 (8%) Net Debt 14,389 18,750 (23%) 16,062 (10%) Adjusted EBITDA LTM¹ 14,611 6,868 113% 12,129 20% Net Debt to Adjusted LTM EBITDA* (x) 1.0x 2.7x¹ -1.7x 1.3x -0.3x Average cost of the debt (CDI+) 0.10% 0.73% -0.63 p.p. 0.22% -0.12 p.p. Average debt term (years) 5.5 4.5 1.0 5.1 0.4 Debt reduction continued to be a priority for Vibra in 3Q26. The Company reported Operating Cash Flow of R$ 2.7 billion for the quarter, directing funds to two clear fronts: reducing debt and expanding branding, continuing the deleveraging process started in previous quarters. Adjusted Gross Debt reached R$ 20.2 billion (-10% vs 2Q26), and cash equivalents ended the period at R$ 5.8 billion (-8% vs 2Q26). As a result, Net Debt ended the quarter at R$ 14.4 billion (-10% vs 2Q26), a reduction of R$ 1.7 billion for the quarter. Leverage ended 3Q26 at 1.0x, a decrease of 0.3x from 2Q26 (1.3x), following the trajectory that began in 2Q25 (2.9x, excluding the effects of LCs). This reduction reflected the commitment to making Vibra a company with an even healthier balance sheet, greater financial flexibility, and better prepared for new growth cycles. Deleveraging remains central to Vibra's capital allocation strategy, along with investments in the core business and shareholder compensation. Amid still-high interest rates, lower indebtedness translates into a significant reduction in financial expenses. Debt 1 Excludes the effects of Extraordinary Tax Recoveries LC192-194/22.
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11 ADR (OTC): VBREY Total Debt through 2029: R$ 9,457mm Total Debt through 2029: R$ 3,953mm Reduction of R$ 5,504mm (-58%) Amortization Schedule (R$ mm) Liability Management 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+ 4Q25 5.813 311 278 1.070 2.294 3.721 2.669 2.483 2.848 2.911 Cash 2026 2027 2028 2029 2030 2031 2032 2033 2034+ 3Q26 In 3Q26, the Company advanced further in its liability management strategy, focusing on reducing debt cost, extending maturities, and optimizing the capital structure. The 11th debenture issuance stole the headlines for the quarter, amounting to R$ 1.4 billion, yielding CDI + 0.95% per year and maturing in September 2033. After partial payment through a swap (payment in kind) of two debentures (4th and 5th issuances), the Company reduced the spread of the exchanged debt by about 66 bps and extended the maturity of these obligations by 3.3 years, helping reduce the average cost of debt and extending the average term. The issuance experienced demand exceeding the offer and was assigned an AAA.br rating by Moody’s. Together, all these liability management operations in the quarter reduced the cost by 27 bps and extended the average term of renegotiated debts by 2.28 years. Vibra's consolidated average debt cost consequently fell to CDI + 0.10% p.a. in 3Q26 (-12 bps vs 2Q26), while the average term increased to 5.5 years (+0.4 years vs 2Q26). These results reinforce Vibra's ability to source competitive financing sources and proactively manage its debt, preserving financial flexibility and sustaining value creation.
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12 ADR (OTC): VBREY In millions of Reais (except where stated) 3Q26 3Q25 3Q26 x 3Q25 2Q26 3Q26 x 2Q26 9M26 9M25 9M26 x 9M25 Net Income 2,460 407 504% 2,352 5% 6,425 1,300 394% (-) Fair value variation of energy trading futures contracts from the Trading unit (a) 36 78 -54% (15) -340% 117 189 -38% (+) Call Options¹ 9 12 -24% (50) -118% (78) 52 -249% (+) MtM of Financial instruments (Forex Hedge) (b) 10 (11) -196% (16) -165% (94) (151) -38% (+) Embedded Derivatives² (68) 93 -173% 10 -752% 41 660 -94% (+) Other Non-recurring Expenses (c) 2 (15) -115% 2 -7% 7 17 -59% (+) IR/CSLL effect before Adjustments³ (17) (18) -8% 10 -271% (10) (19) -46% Adjusted net income (loss) 2,433 546 345% 2,293 6% 6,408 2,048 213% In millions of Reais (except where stated) 3Q26 3Q25 3Q26 x 3Q25 2Q26 3Q26 x 2Q26 9M26 9M25 9M26 x 9M25 Ebitda 3,982 1,518 162% 4,213 -5% 11,125 4,580 143% Noncash effects on EBITDA (105) 460 -123% 263 -140% (18) 978 -102% IR/CS paid (23) (28) -18% (42) -45% (103) (81) 27% Acquisition of decarbonization credits — CBIOs (68) (109) -38% (53) 28% (202) (423) -52% Advance bonuses (146) (139) 5% (113) 29% (362) (389) -7% Other operating cash flow items 63 (33) -291% (143) -144% (616) (542) 14% Working capital (1,002) 2,116 -147% (354) 183% (1,449) 1,138 -227% Accounts receivable (121) 170 -171% (1,180) -90% (1,631) (425) 284% Inventories 383 247 55% (1,059) -136% (1,282) (212) 505% Adjusted accounts payable (962) 1,691 -157% 2,084 -146% 2,082 1,726 21% Taxes, fees and contributions (302) 8 -3875% (199) 52% (618) 49 -1361% Cash Flows from Operating Activities 2,701 3,785 -29% 3,771 -28% 8,375 5,261 59% CAPEX (278) (312) -11% (235) 18% (738) (1,093) -32% Other 125 38 229% 115 9% 291 (2,819) -110% Cash Flows from Investment Activities (153) (274) -44% (120) 28% (447) (3,912) -89% Free Cash Flow 2,548 3,511 -27% 3,651 -30% 7,928 1,349 488% Borrowings (Drawdowns and Amortizations) (3,087) (1,610) 92% (2,959) 4% (5,968) (4,800) 24% Free Cash Flow to Shareholders (539) 1,901 -128% 692 -178% 1,960 (3,451) -157% Dividends/interest on equity paid to shareholders (4) (266) -98% 0 n.a. (325) (985) -67% Net cash produced by (used in) the period (543) 1,635 -133% 692 -178% 1,635 (4,436) -137% Exchange variance effect on Cash and cash equivalents (10) (50) -80% (15) -33% (51) (108) -53% Opening balance 5,784 4,351 33% 5,107 13% 3,647 10,480 -65% Closing balance 5,231 5,936 -12% 5,784 -10% 5,231 5,936 -12% 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) Cash Flow Reconciliation Vibra generated R$ 2.7 billion in Operating Cash Flow in 3Q26 (-29% vs 3Q25). Regarding Working Capital changes, the Company recorded consumption of R$ 1.0 billion in the quarter, due to the mix of products and suppliers compared to the previous quarter, in addition to longer payment terms used by a client in the aviation market. Free Cash Flow reached R$ 2.5 billion (-27% vs 3Q25), and Cash closed the period at R$ 5.2 billion (- 10% vs 2Q26).
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13 ADR (OTC): VBREY Vibra’s average financial volume traded at B3 – Brasil, Bolsa & Balcão from 07/01/26 to 09/30/26 was R$ 342 million/day. The Company's shares closed trading on 09/30/26 at R$ 37.16, gaining 26% over 3Q26. The Ibovespa index gained 8% during this period. VBBR3 (07/01/2026 to 09/30/2026) Number of shares 1,198,563,531 Average volume shares/day (millions) 9.66 Number of free float shares 1,196,573,885 Average financial volume/day (R$ million) 342 Share price on Sep/30 (R$/share) 37.16 Average price (R$/share) 35.14 In 3Q26, R$ 499 million in Interest on Equity was announced for FY 2026, with payment scheduled for November 2027. Year-to-date, announced distributions totaled approximately R$ 1.5 billion, reaffirming the Company’s commitment to consistent shareholder remuneration. Interest on Equity and Dividends 824 2022 2023 2024 2025 9M26 1,537 4,766 1,605 6,367 1,636 2,000 2,663 1,451 6,408 0.73 1.43 1.47 1.67 1.21 If share performance and compensation announced are counted, Vibra’s Shareholders achieved a total return of 76% over the last 12 months, outperforming the Ibovespa (+28%) and CDI (+14%) indexes. Capital Market Valor por ação 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 Adjusted Net Income Dividends Bonus Shares Amount per Share
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14 ADR (OTC): VBREY Return on Invested Capital (ROIC) Distribution ended 3Q26 with a ROIC of 32.8%, an increase of 5.8 p.p. compared to the previous quarter (27.1%). This indicator's performance reflects the consistent growth of NOPAT LTM, which increased from R$ 6.7 billion in 2Q26 to R$ 8.1 billion in 3Q26, combined with disciplined allocation and management of invested capital. This result reinforces the resilience of Vibra's business model and its ability to deliver returns to shareholders even in cycles of greater market volatility. Return on Invested Capital (ROIC) Vibra Distribution 13.8% 3Q25 27.1% 2Q26 32.8% 3Q26 3.2 23.1 6.7 24.6 8.1 24.8 ROIC (%) Nopat¹ LTM (R$ Bi) Capital² (R$ Bi) In millions of Reais (except where stated) 3Q26 3Q25 3Q26 x 3Q25 2Q26 3Q26 x 2Q26 Capital¹ 24.8 23.1 8% 24.6 1% Nopat² LTM 8.1 3.2 155% 6.7 22% ROIC (%) 32.8% 13.8% 19.0 p.p. 27.1% 5.8 p.p. 1. Net Operating Profit After Taxes | 2. Capital does not consider LC 192 -194/22 1. Capital does not consider LC 192-194/22 | 2. Net Operating Profit After Taxes
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15 ADR (OTC): VBREY Social Zero Sexual Violence: The movement led by Vibra launched the National Map of Social Assistance Councils, a free tool with the contact information of over 3,500 Social Assistance Councils in the country, available at violenciasexualzero.com.br. This new cycle of Casa Siga Bem also brought back to the highways the Mobile Inconvenience Store of the movement, focused on the prevention and reporting of sexual violence against children and adolescents. Volunteering Month:. Vibra brought the “SDG Awareness Truck” to Praça do Estácio in Rio de Janeiro, near its headquarters. The action concluded the Company's Volunteering Month and involved employees, supported social projects in the region, and neighboring companies. The initiative is part of the Cidade iNova 2030 strategy, Vibra's strategy for the area around its headquarters, offering free activities in culture, education, sports, health, and citizenship, such as vaccination, document issuance, and professional guidance for young people. In total, more than 5,000 people were directly impacted, 1,882 students were involved, and there were 29 partners. Environment Low Carbon Leader: Vibra was recognized as a “2026 Morningstar Sustainalytics Low Carbon Leader,” with its low-carbon transition management rated as Strong. In the Low Carbon Transition Rating, the Company ranked 2nd among 59 companies in the Oil & Gas Refining and Marketing sub-industry. Logistics Chain Emissions: Vibra supported 9 partner carriers in creating their first greenhouse gas emission inventories, compiled by DeepESG, a company investee. Another 5 carriers are at the final stages of the process, with plans to include 16 more in 2027. As a result, the Company is increasing the visibility of its logistics chain emissions. Governance IDIVERSA B3: Vibra joined the 2026 portfolio of B3's Diversity Index (IDIVERSA), which includes companies that stand out in gender and race/color diversity, based on the B3 Diversity Score. The inclusion reflects advances in representativeness within the Company, especially in leadership positions. Transparency: The Company published the 2025 Integrated Report and two climate-focused reports. The TCFD report follows the recommendations of the Task Force on Climate-related Financial Disclosures. The TPT Report presents Vibra's transition plan to a low-carbon economy, based on the Transition Plan Taskforce framework. The documents are available at vibraenergia.com.br/relatorios-anuais. ESG
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16 ADR (OTC): VBREY In millions of Reais (except where stated) 3Q26 3Q25 3Q26 x 3Q25 2Q26 3Q26 x 2Q26 9M26 9M25 9M26 x 9M25 Centralized Generation Power Generated (GWh) 507 516 (2%) 487 4% 1,557 1,727 (10%) Net Revenue 151 174 (13%) 159 (5%) 481 491 (2%) Current Gross Income¹ 81 74 10% 130 (38%) 310 287 8% Adjusted Ebitda² 80 68 17% 139 (43%) 316 277 14% Ebitda @Stake³ 162 117 38% 176 (8%) 469 406 16% Distributed Generation Consolidated Power Generated (GWh) 176 134 31% 149 18% 468 347 35% Net Revenue 95 95 0% 78 22% 237 229 4% Current Gross Income¹ 84 83 2% 71 20% 209 197 6% Adjusted Ebitda² 70 66 6% 57 24% 170 167 2% Ebitda @Stake³ 82 86 (4%) 60 37% 198 215 (8%) Trading Volume Energy Traded (GWh) 7,699 8,998 (14%) 8,061 (4%) 23,476 23,897 (2%) Net Revenue 1,212 1,461 (17%) 1,437 (16%) 4,054 3,574 13% Current Gross Income¹ 22 31 (30%) (32) (167%) (16) 176 (109%) Adjusted Ebitda² (6) 9 (167%) (39) (84%) (62) 92 (168%) Ebitda @Stake³ (4) 8 (147%) (38) (89%) (59) 91 (165%) Solutions Net Revenue 68 55 25% 60 14% 187 160 17% Current Gross Income¹ 66 51 29% 57 16% 180 152 18% Adjusted Ebitda² 37 24 55% 36 2% 107 66 62% Ebitda @Stake³ 35 23 55% 35 2% 103 63 64% Comerc Adjusted Ebitda² 184 171 8% 188 (2%) 519 608 (15%) Ebitda @Stake³ 279 238 17% 228 22% 699 780 (10%) Net Revenue 1,432 1,681 (15%) 1,608 (11%) 4,627 4,229 9% Current Gross Income¹ 255 227 12% 225 13% 683 811 (16%) Adjusted Net Income 76 (9) 85 (109) 185 (113) (125) 12 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. Renewables: Financial and Operating Metrics Annexes
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17 ADR (OTC): VBREY Annexes Statement of Financial Position R$ million Consolidated Assets 09.30.2026 12.31.2025 Current Cash and cash equivalents 5,231 3,647 Cash and restricted investments 82 26 Debentures 121 12 Net accounts receivable 9,004 6,838 Inventory 7,236 5,891 Advances to suppliers 367 587 Income tax and social contribution 146 90 Taxes and contributions recoverable 2,556 2,360 Advanced bonuses awarded to clients 418 494 Prepaid expenses 62 111 Derivative financial instruments 1,748 2,358 Non‑current assets held for sale 11 219 Other current assets 228 280 27,210 22,913 Noncurrent Cash and restricted investments 113 110 Debentures 266 351 Net accounts receivable 787 945 Judicial deposits 1,434 1,298 Taxes and contributions recoverable 7,400 6,944 Deferred income tax and social contribution 1,858 2,749 Advanced bonuses awarded to clients 719 830 Prepaid expenses 71 29 Derivative financial instruments 3,082 3,525 Other noncurrent assets 226 214 15,956 16,995 Investments 1,424 1,480 Property, plant and equipment 15,263 15,319 Intangible assets 4,382 4,256 Total Assets 64,235 60,963
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18 ADR (OTC): VBREY Annexes Statement of Financial Position R$ million Consolidated Liabilities and Equity 09.30.2026 12.31.2025 Current Trade payables 7,017 5,013 Product supply financing - - Loans and Borrowings 1,619 1,132 Leases 111 103 Customer advances 396 486 Income tax and social contribution 202 315 Taxes and contributions payable 202 251 Dividends and interest on capital 1,096 1,111 Payroll, vacations, charges, bonuses and profit sharing 437 415 Pension and health plan 126 153 Derivative financial instruments 1,756 2,376 Provision for Decarbonization Credits 6 36 Creditors under the acquisition of equity interests 33 72 Other accounts and expenses payable 355 308 13,356 11,771 Noncurrent Loans and borrowings 17,313 21,233 Leases 912 748 Interest on Own Capital 1,002 - Long-term incentive 57 76 Pension and health plan 1,246 1,267 Derivative financial instruments 3,223 3,470 Other deferred taxes 1 9 Deferred income tax and social contribution 203 209 Provision for judicial and administrative proceedings 1,263 1,250 Creditors under the acquisition of equity interests 10 10 Other accounts and expenses payable 196 179 25,426 28,451 Total Liabilities 38,782 40,222 Equity Paid-in capital 12,051 12,051 Treasury shares (36) (122) Capital reserve 32 139 Profit reserves 15,212 10,233 Asset and liability valuation adjustments (1,880) (1,694) NCI 74 134 Total Equity 25,453 20,741 Total Liabilities + Equity 64,235 60,963
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19 ADR (OTC): VBREY Annexes Statement of Income R$ million Consolidated Consolidated P&L 3Q26 3Q25 Revenue from goods sold and services rendered 56,683 48,423 Mark-to-market (36) (78) Cost of goods sold and services rendered (51,826) (45,983) Gross profit 4,821 2,362 Operating expenses (1,257) (1,157) Sales (797) (792) Expected credit losses 5 4 General and administrative (402) (345) Tax (48) (32) Other net revenue (expenses) (15) 8 Profit before financial income/loss and taxes 3,564 1,205 Financial (359) (647) Expenses (554) (770) Revenue 251 222 Exchange and monetary variance, net (56) (99) Equity earnings 42 44 Profit before tax 3,247 602 Income tax and social contribution (787) (195) Current (142) (188) Deferred (645) (7) Net income for the period 2,460 407
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20 ADR (OTC): VBREY Consolidated Statement of Profit or Loss by Business Sector - 3Q26 (07/01/2026 to 09/30/2026) Consolidated Statement of Profit or Loss by Business Sector - 3Q25 (07/01/2025 to 09/30/2025) Consolidated Statement of Profit or Loss by Business Sector - 2Q26 (04/01/2026 to 06/30/2026) In millions of Reais Annexes Segment Reporting Retail B2B Renewables All Segments Corporate Total Financials Statements Reconciliation Consolidated Total Sales Revenue 32,146 23,354 1,432 56,932 - 56,932 (249) (a) 56,683 Mark to Market - - - - - - (36) (b) (36) Cost of goods sold (29,307) (21,219) (1,177) (51,703) - (51,703) (123) (c) (51,826) Gross profit (loss) 2,839 2,135 255 5,229 - 5,229 (408) 4,821 Expenses General, administrative and sales (272) (521) (65) (858) (81) (939) (255) (d) (1,194) Tax (8) 0 0 (8) (9) (17) (31) (e) (48) Other net revenue (expenses) 353 (307) (6) 40 (25) 15 (30) (f) (15) Equity earnings - - - - - - 42 (g) 42 Net finance income/loss - - - - - - (359) (h) (359) Adjusted EBITDA 2,912 1,307 184 4,403 (115) 4,288 Net income (loss) before tax (1,041) 3,247 Retail B2B Renewables All Segments Corporate Total Financials Statements Reconciliation Consolidated Total Sales Revenue 28,910 17,972 1,681 48,563 - 48,563 (140) (a) 48,423 Mark to Market - - - - - - (78) (b) (78) Cost of goods sold (27,532) (16,906) (1,454) (45,892) - (45,892) (91) (c) (45,983) Gross profit (loss) 1,378 1,066 227 2,671 - 2,671 (309) 2,362 Expenses General, administrative and sales (297) (531) (58) (886) (86) (972) (161) (d) (1,133) Tax (4) (2) - (6) (5) (11) (21) (e) (32) Other net revenue (expenses) 54 30 2 86 32 118 (110) (f) 8 Equity earnings - - - - - - 44 (g) 44 Net finance income/loss - - - - - - (647) (h) (647) Adjusted EBITDA 1,131 563 171 1,865 (59) 1,806 Net income (loss) before tax (1,204) 602 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) - (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
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21 ADR (OTC): VBREY vibraenergia.com.br ri@vibraenergia.com.br Rua Correia Vasques, 250 Cidade Nova – CEP: 20211-140 Rio de Janeiro/RJ – Brazil