On Friday, August 14, 2026, Vibra Energia (VBBR3) released its results for the second quarter of 2026 (2Q26). The company reported adjusted net income of R$ 2.293 billion and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 4.499 billion for the period, with sales volume of 9,053 thousand m³ and adjusted net revenue of R$ 57.428 billion.
Compared with 2Q25, adjusted net revenue grew 26%, adjusted gross profit rose 143% to R$ 5.345 billion, and net income went from R$ 292 million to R$ 2.352 billion. Recurring adjusted EBITDA, which excludes tax recoveries and property sales, totaled R$ 4.124 billion, an increase of 320% versus 2Q25, with recurring adjusted EBITDA margin of R$ 456 per m³.
In 2Q26, the Service Station Network segment accounted for 5,800 thousand m³ in sales volume (+6% vs. 2Q25), with adjusted EBITDA of R$ 2.658 billion and recurring adjusted EBITDA of R$ 2.529 billion. The B2B segment sold 3,253 thousand m³ (flat vs. 2Q25), posting adjusted EBITDA of R$ 1.728 billion and recurring adjusted EBITDA of R$ 1.7 billion. In Renewables, Comerc reported adjusted net revenue of R$ 1.608 billion, adjusted EBITDA of R$ 188 million, and adjusted net loss of R$ 109 million.
Vibra highlighted operating cash flow generation of R$ 3.771 billion in 2Q26, which allowed it to reduce net debt to R$ 16.062 billion, down R$ 2.553 billion compared with 2Q25 and R$ 2.553 billion versus 1Q26, bringing leverage to 1.3x adjusted EBITDA for the last 12 months. In the quarter, the company carried out liability management transactions that reduced the average cost of debt from CDI + 0.66% per year in 1Q26 to CDI + 0.22% per year, in addition to extending the average term from 4.3 to 5.1 years.
The return on invested capital (ROIC) of Vibra Distribuição reached 27.1% in 2Q26, compared with 14.1% in 2Q25 and 18.6% in 1Q26, with LTM NOPAT of R$ 6.7 billion and capital of R$ 24.6 billion. In terms of shareholder remuneration, the company announced in 2Q26 the distribution of R$ 558.2 million in interest on equity (JCP), related to fiscal year 2026, and, in the first half as a whole, the announced dividends and interest on equity totaled approximately R$ 952 million.
