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H1/Q2 2025/26 Claus Sauter (CEO), Olaf Tröber (CFO) Earnings Call 12.02.2026
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This presentation contains forward-looking statements that are based on current assumptions and estimates made by the management of Verbio SE. Although the Company’s management is of the opinion that these assumptions and estimates are realistic, actual future developments and actual future results may differ significantly from these assumptions and estimates due to a variety of factors. These factors can include, among other things, changes in the financial and asset position, the development or performance of the Company, the legal and regulatory framework in Germany and the EU, and changes in the industry. Verbio neither intends nor assumes any separate obligation to update, revise or adapt forward-looking statements to take account of future events or developments. Disclaimer 2
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164.0 173.6 30.06.2025 30.09.2025 58.2% 58.2% 30.06.2025 30.09.2025 14.3 45.5 H1 24/25 H1 25/26 326 311274 307 560 672 H1 24/25 H1 25/26 Biodiesel in kt Bioethanol in kt RNG in GWh Key figures H1 2025/26 Production in kt* and GWh EBITDA in € m A slight production decrease in the biodiesel segment reflects the planned winter shutdown in Canada. The yoy increase in bioethanol/biomethane segments was driven by ramp up of Nevada plant and better uptime at SBE. The significant yoy increase was driven by a renewed rise in demand for GHG quotas, supported by favourable operating dynamics and gains from commodity forwards. As forecasted, net debt has increased due to planned investments in specialty chemicals unit and SBE. In Q2, a positive free cash flow was achieved. The financial stability remains high. Net debt in € m Equity ratio * thousand tonnes H1 25/26 31.12.2025 31.12.2025 3 H1 25/26 H1 in brief Q2 financial performance Q&AOutlook H1 24/25
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EBITDA in € m -15.3 -9.5 5.8 20.8 15.4 30.1 -20 -10 0 10 20 30 40 Q2 24/25 Q1 25/26 Q2 25/26 Bioethanol/Biomethane Group Overview Q2 2025/26: Bioethanol/Biomethane segment drives earnings 4 H1 in brief Q2 financial performance Q&AOutlook Q2 25/26
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22.6 24.1 9.3% 10.8% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 0 10 20 30 Q1 25/26 Q2 25/26 EBITDA in € m EBITDA margin 244.1 223.8 166.9 144.3 0 100 200 300 400 Q1 25/26 Q2 25/26 Sales in € m Production in kt Biodiesel segment: Stable earnings contributor Production hit record levels in Europe in Q2 2025/26, while output in Canada was intentionally reduced due to regulatory changes. Overall production therefore declined quarter-on-quarter, leading to a corresponding decrease in revenue. EBITDA increased thanks to better RME (rapeseed methyl ester) margins in Europe. Q2 25/26 Q2 25/26 5 H1 in brief Q2 financial performance Q&AOutlook
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800 900 1,000 1,100 1,200 1,300 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Biodiesel Rapeseed oil 0 100 200 300 400 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2024/25 2025/26 Biodiesel market development (Europe) Market spreads in €/t Biodiesel and rapeseed oil in €/t of biodiesel in 2025/26 Spread = Biodiesel price ./. Rapeseed oil price per tonne of biodiesel; As per 31 December 2025 close As per 31 December 2025 close 6 H1 in brief Q2 financial performance Q&AOutlook
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-9.5 5.8 -20.0 -10.0 0.0 10.0 20.0 Q1 25/26 Q2 25/26 EBITDA in € m 191.2 228.0 153.7 153.1 336.1 336.2 0 100 200 300 400 Q1 25/26 Q2 25/26 Sales in € m Bioethanol Production in kt RNG Production in GWh Bioethanol/Biomethane segment: Back to profitability The increase in revenues to a new quarterly record was driven by the recovery of the GHG quota market, higher sales volumes of ethanol and biomethane, and increased selling prices for ethanol in Europe. Production volumes of ethanol and biomethane were roughly in line with the previous quarter, mainly due to maintenance work in Europe. EBITDA improved thanks to stabilization of GHG quota market and better margins between ethanol prices and feedstock costs in Europe. Q1 25/26 Q2 25/26Q2 25/26 7 H1 in brief Q2 financial performance Q&AOutlook
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500 600 700 800 900 1,000 1,100 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Bioethanol Wheat 0 100 200 300 400 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2024/25 2025/26 Bioethanol market development (Europe) Market spreads in €/t Bioethanol and wheat in €/t of bioethanol in 2025/26 Spread = Bioethanol price ./. Wheat price per tonne of bioethanol; As per 31 December 2025 close As per 31 December 2025 close 8 H1 in brief Q2 financial performance Q&AOutlook
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0 100 200 300 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2024/25 2025/26 300 400 500 600 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Bioethanol Corn Bioethanol market development (USA) Market spreads in €/t Bioethanol and corn in €/t of bioethanol in 2025/26 Spread = Bioethanol price ./. Corn price per tonne of bioethanol; As per 31 December 2025 close As per 31 December 2025 close 9 H1 in brief Q2 financial performance Q&AOutlook
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0 50 100 150 200 250 300 Oct 24 Dec 24 Feb 25 Apr 25 Jun 25 Aug 25 Oct 25 Dec 25 GHG quota development GHG quota price development in €/t CO2-eq RED III transposition: 1st draft Q2 2025/26 10 Ministerial agreement: double counting will be eliminated Draft adoption delayed in cabinet Leak of a new draft version Cabinet approval 2024 surpluses blocked until 2027 Q2 2024/25 H1 in brief Q2 financial performance Q&AOutlook
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EBITDA-Guidance 2025/26 specified to upper end of forecast range 11 2023/24 2024/25 2025/26E Production Biodiesel Capacity in kt 710,000 t 710,000 t 710,000 t Capacity utilisation 89.8% 87.2% ↑ yoy Bioethanol Capacity 800,000 t 800,000 t 800,000 t Capacity utilisation 65.2% 72.8% ↑ yoy Biomethane Capacity 1,980 GWh 1,980 GWh 1,980 GWh Capacity utilisation 55.6% 60.1% ↑ yoy EBITDA € 121.6m € 14.2m Upper end of high double-digit million range (before: high double-digit million range) Net financial debt € 32.9m € 164.0m Moderate reduction vs. € 164.0m H1 in brief Q2 financial performance Q&AOutlook
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0 100 200 300 400 500 600 Jan 25 Mar 25 May 25 Jul 25 Sep 25 Nov 25 Jan 26 Competitiveness of conventional fuels increases (per tonne of CO₂-eq) GHG quota price development in €/t CO2-eq 12 200 400 Pre-2026 Post-2026 400 400 Pre-2026 Post-2026 Pre-2026: Double counting of advanced fuels Post-2026: No double counting €/t CO2-eq of advanced fuel1 €/t CO2-eq of conventional fuel1 1Illustrative example H1 in brief Q2 financial performance Q&AOutlook
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0 100 200 300 400 500 600 Jan 25 Mar 25 May 25 Jul 25 Sep 25 Nov 25 Jan 26 456 912 1,168 1,244 Competitiveness of conventional fuels increases (per tonne of fuel) GHG quota price development in €/t CO2-eq 13 Pre-2026: Double counting of advanced fuels Post-2026: No double counting CO2 value in €/t advanced fuel1 CO2 value in €/t conventional fuel1 1Illustrative example H1 in brief Q2 financial performance Q&AOutlook Pre-2026 @ 200€/CO2 Pre-2026 @ 200€/CO2 Pre-2026 @ 400€/CO2 Pre-2026 @ 400€/CO2
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Price gap between renewable fuels widens Price development in USD/t 14 H1 in brief Q2 financial performance Q&AOutlook 500 1,000 1,500 2,000 2,500 3,000 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Jan 25 Apr 25 Jul 25 Oct 25 Jan 26 FAME-10 HVO 1Fatty acid methyl ester 2Hydrotreated vegetable oil 1 2
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Adjusting CO2-handprint target to reflect removal of double counting CO2 emission reduction in million metric tonnes (calculation methodolgy follows German Regulation) 15 o Represents CO₂-saving potential of all major Verbio products o Includes both products we produce and those we trade globally o Calculated under German regulatory framework o Updated to reflect regulation changes o Growth driven by advanced fuels4.2* 4.7 2024/25 2027/28E 5.5 incl. double counting excl. double counting *adjusted for no double counting H1 in brief Q2 financial performance Q&AOutlook
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16 North America: Positive market developments • Trade-policy-supported exports strengthening demand • Renewed push for year-round E15 approval supports domestic blending • New draft 45Z guidance provides greater regulatory clarity H1 in brief Q2 financial performance Q&AOutlook
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13 Q&A H1 in brief Q2 financial performance Q&AOutlook 2025/26
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Ulrike Kurze Marketing & PR Ritterstraße 23 (Oelßner‘sHof) 04109 Leipzig E-Mail: pr@verbio.de Point of contact Alina Köhler Investor Relations Ritterstraße 23 (Oelßner‘sHof) 04109 Leipzig E-Mail: ir@verbio.de 14
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www.verbio.de Ritterstraße 23 04109 Leipzig Germany Verbio SE T +49 341 308530-0 F +49 341 308530-999 info@verbio.de