VBBR3

Vibra Energia S.A., traded on B3 under the ticker VBBR3, is one of Brazil’s leading fuel and lubricant distributors, originating from the former Petrobras Distribuidora S.A. Incorporated in 1971, the company was created to take over the distribution and trading of petroleum derivatives previously carried out by Petrobras, although its operational history dates back to 1961, with the opening of the first service station bearing the Petrobras brand in Brasília. Over the 1970s, the company quickly consolidated its position, becoming the national leader in petroleum derivatives distribution in 1974. Its trajectory includes major milestones such as the launch of the Lubrax and Marbrax lubricant lines, the incorporation of Companhia de Petróleo Minas Gerais S.A., entry into ethanol marketing in 1979, and its pioneering role in offering compressed natural gas (CNG) in 1992. In 1993, it carried out its first public share offering, entering the Brazilian capital markets, and in 2017 it was listed on B3’s Novo Mercado segment, reinforcing higher governance standards. In 2021 it adopted the new corporate brand Vibra, in a rebranding process that gradually replaced the former BR Distribuidora identity.

Vibra’s business model is centered on the distribution of liquid fuels, biofuels, CNG and lubricants, with a strong emphasis on logistics and operational capillarity. The company does not operate in oil exploration or refining; it acquires most of its products from Petrobras and other suppliers and focuses on storage, transportation, marketing and related services. As of December 31, 2024, Vibra held a 22.3% share of the Brazilian fuel market, according to data from the National Agency for Petroleum, Natural Gas and Biofuels (ANP) and industry associations, maintaining leadership on three main fronts: service station network, B2B channels and the aviation market. Its logistics structure includes 41 proprietary terminals, 13 joint terminals, storage in third‑party facilities and contracts with logistics operators, enabling coverage of all Brazilian states and service to virtually any municipality in the country.

Vibra’s operations are organized into business segments that reflect different customer profiles and sales channels. The Service Station Network segment, which accounted for 61.5% of net sales revenue in 2024, concentrates the sale of automotive fuels and lubricants to a broad network of resellers. As of December 31, 2024, the company was the exclusive supplier of diesel, gasoline, ethanol, CNG and lubricants to 7,897 Petrobras‑branded stations, 411 of which were properties owned by Vibra and the rest by third parties, in addition to supplying 1,146 unbranded stations (bandeira branca) without brand exclusivity. The portfolio includes differentiated fuel lines such as Gasolina Petrobras Podium and Grid, Diesel Podium and Grid, additivated ethanol, and fuels aimed at the marine segment, such as Diesel Petrobras Verana. In the B2B segment, Vibra supplies fuels and integrated energy solutions to large consumers, focusing on sectors such as agribusiness, transportation, mining, industry and power generation, and also offers energy management, efficiency and decarbonization services. The Aviation Market, operated under the BR Aviation brand, serves commercial airlines and general aviation, supplying jet fuel (QAV), aviation gasoline (GAV) and related services at dozens of airports.

The franchise network and complementary brands are a key component of Vibra’s strategy, broadening revenue sources and strengthening loyalty among resellers and end consumers. BR Mania convenience stores operate under a franchise model at Petrobras‑branded stations, selling a proprietary line of food and convenience products, with more than 100 BR Mania‑brand items for immediate consumption. In parallel, Lubrax+ automotive centers offer vehicle maintenance and inspection services, tied to the Lubrax lubricant portfolio, which reached a 20.5% share of the Brazilian lubricant market in 2024, according to ANP. As of December 31, 2024, Vibra had 1,328 active BR Mania franchises and 1,619 Lubrax+ franchises in its network. The company also runs loyalty programs and payment solutions such as Petrobras Premmia, BR Aviation Club, Cartão Petrobras and BR Aviation Card, which generate consumption data and enable the development of targeted commercial initiatives.

On the industrial side, Vibra stands out for its lubricant production at the Duque de Caxias (RJ) plant, where it blends mineral or synthetic base oils with additive packages supplied by global players such as Afton, Infineum, Lubrizol and Oronite. The industrial process is based on blending and bottling, with no chemical reactions, and is complemented by laboratory analysis to ensure compliance with technical specifications. Annual lubricant sales reached 269,455 m³ in 2024, following an upward trend compared with previous years, and installed capacity is being expanded to around 42,000 m³ per month. Vibra maintains inventories distributed between the industrial plant and regional depots, which helps mitigate the risk of temporary production interruptions. Lubricants are sold both at retail through the service station network and Lubrax+ centers, and to industrial and agribusiness clients, positioning the company in a value chain that extends beyond automotive fueling.

Vibra’s logistics infrastructure is a strategic asset for its operations and for sustaining its market share. As of December 31, 2024, the network included 96 operational units, 11 lubricant depots, 3 Supply House depots, 24 operations at customer facilities and 91 Aircraft Refueling Parks (PAAs), distributed across all regions of the country. Product outflow uses road, rail, river, cabotage and pipeline modes, with most transportation carried out by third‑party companies. In 2024, Vibra used around 58 carriers responsible for 93% of the volume moved, involving approximately 4,000 trucks and more than 4,000 registered drivers. The company invests in technology‑based monitoring systems such as the Vibra Control Tower, deployed in partnership with Moby, which integrates real‑time operational information, and solutions such as MDriver, AIMMS and analytics tools aimed at optimizing the logistics network, managing risk and increasing productivity.

In the aviation market, Vibra, through the BR Aviation brand, maintained operations at 91 Brazilian airports at the end of 2024, with a presence in all federal units. The company serves both commercial aviation, on domestic and international flights, and general aviation, which includes flight schools, flying clubs, offshore operations supporting platforms, agricultural aviation and air taxi and private aviation services. In 2024, aviation fuel sales volumes grew by about 10% compared with the previous year, tracking the sector’s recovery and strengthened partnerships with airlines. Operations in this segment require specific infrastructure at airports, compliance with technical safety and quality standards, and logistics coordination integrated with the rest of the liquid fuel supply chain.

Vibra is a publicly traded company with common shares listed on B3 under the code VBBR3 and adheres to the Novo Mercado segment, which entails stricter corporate governance requirements, such as capital composed exclusively of common shares and enhanced transparency and minority shareholder protection practices. After its IPO in 2017, the governance structure was revamped, with the installation of a board of directors with a significant presence of independent members and dedicated committees such as the Minority Shareholders Committee. Over time, the company has undergone major changes in its shareholder base, reducing Petrobras’s direct influence and reinforcing its position as a private company in the fuel distribution segment. Its B3 listing, combined with the strength of the Vibra brand and the Petrobras, Lubrax, BR Mania and BR Aviation banners, positions the company as one of the main players in the petroleum, gas and biofuels sector at the distribution and marketing stage in Brazil.

Vibra’s operations are heavily influenced by sector regulation conducted by ANP, which sets rules for fuel specifications, quality standards, storage and transportation requirements, as well as competition and operational safety rules. Fuel and aviation distribution activities depend on specific authorizations and certifications, as well as compliance with environmental and safety requirements. The company maintains quality control programs such as “De Olho no Combustível”, which certifies stations and facilities qualified to sell special products, and uses in‑house logistics management and transportation risk systems. In parallel, it develops initiatives related to energy efficiency, decarbonization of B2B clients and expanded energy solution offerings, following the evolution of the energy matrix and regulatory and market demands for emission reductions, even though it remains focused on its traditional business of distributing fossil fuels and lubricants.

VBBR3 shares represent an interest in a company whose economic relevance derives from its distribution scale, logistics capillarity and product and brand portfolio in the Brazilian fuel sector. With a presence in all states, operations in multiple channels—retail, B2B and aviation—and an extensive network of service stations, franchises and corporate clients, Vibra holds a central position in the country’s fuel supply chain. Its history of transformation, from a former Petrobras subsidiary to its current status as a company listed on Novo Mercado, reflects changes in its control structure, governance and brand strategy, while maintaining its focus on distribution activities, which remain its main revenue driver.