By Brazil Stock Guide – Vibra Energia (VBBR3) reported adjusted net income of R$615 million in the fourth quarter of 2025, a 20% increase from R$510 million in the same period a year earlier, supported by stronger commercial margins and higher fuel volumes across its distribution network.
Adjusted EBITDA reached R$2.62 billion, more than double the R$1.31 billion reported in 4Q24, reflecting improved pricing discipline, stronger sales of premium fuels and operational efficiency gains. Net revenue totaled R$50.5 billion, up 13.5% year-on-year, as the company expanded volumes and benefited from a more favorable competitive environment in Brazil’s fuel market.
Sales volumes reached 9.5 million cubic meters, a 5.4% increase compared with 4Q24, marking the strongest quarterly level in the past three years.
Margins Recover
The main driver of the earnings improvement was the recovery of commercial margins following the inventory losses seen earlier in 2025.
Adjusted EBITDA margin rose to R$251 per cubic meter, compared with R$145 per cubic meter in 4Q24, reflecting improved pricing discipline and a richer product mix.
Excluding non-recurring items such as tax recoveries and real estate sales, recurring EBITDA totaled about R$1.6 billion, up roughly 42% from the previous year.
For the full year, Vibra reported adjusted EBITDA of R$7.9 billion in 2025, compared with R$6.25 billion in 2024, an increase of 27%. The distribution segment remained the main earnings driver, generating about R$7.1 billion of the total.
Retail and B2B Growth
Vibra’s service-station network continued to expand during the year, with 404 new branded stations added in 2025, the highest number of conversions in five years.
Retail volumes increased 7% year-on-year in the fourth quarter, driven mainly by gasoline demand and improved commercial performance in major urban markets.
In the corporate (B2B) segment, sales also grew, particularly in diesel, aviation fuel and lubricants, supported by cross-selling strategies and stronger airline activity.
Overall market share in fuel distribution reached about 24.5% in the quarter, an increase of roughly 0.8 percentage points compared with the previous year.
Renewables Business
Vibra’s renewable-energy platform, centered on Comerc, generated EBITDA at stake of about R$312 million in 4Q25, slightly higher than the previous year despite ongoing curtailment pressures in Brazil’s power system.
Segment revenue increased about 38% year-on-year, driven by growth in distributed solar generation and higher trading activity in the electricity market.
Balance Sheet
The company ended the quarter with net debt of about R$19.2 billion, compared with roughly R$9.5 billion a year earlier, reflecting the consolidation of Comerc and investments in new businesses.
Leverage stood at 2.4 times net debt to EBITDA, versus 0.9 times in 4Q24, although the company said the ratio has been gradually declining since mid-2025.
Average debt maturity increased to 4.6 years, while the average cost of debt fell to CDI +0.66%, compared with CDI +1.30% a year earlier.
Outlook
Management described 2025 as an inflection year for Vibra, marked by a recovery in margins, stronger market share and improved regulatory conditions in Brazil’s fuel distribution sector.
Measures to combat fuel tax evasion and tighten sector regulation have begun to reduce competitive distortions, potentially benefiting larger and more compliant distributors such as Vibra.
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