Vibra Energia SA
BOVESPA:VBBR3
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Vibra Energia SA
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Vibra Energia SA
Vibra Energia SA, formerly known as Petrobras Distribuidora, stands as a significant player in Brazil's energy sector, known for its extensive network in fuel distribution. The company, originally a subsidiary of Petrobras, has successfully carved out its identity after becoming an independent entity. Vibra Energia operates an expansive network of service stations scattered across Brazil, under the widely recognized BR brand. Its core business involves the distribution of diesel, gasoline, ethanol, and aviation fuel, catering to a diverse clientele that includes retail consumers at service stations, businesses needing large-scale supplies, and the aviation sector. This substantial market presence allows Vibra Energia to thrive in the competitive energy market, leveraging economies of scale to optimize its distribution logistics and ensure steady revenue streams.
Besides fuel distribution, Vibra Energia has been actively diversifying and enhancing its portfolio by delving into renewable energy initiatives and energy solutions services. Recognizing the global shift towards sustainability and the growing demand for cleaner energy, the company engages in solar energy projects and other renewable endeavors, aiming to position itself for the future of energy consumption. Furthermore, value-added services like convenience stores at their service stations contribute to revenue diversification and customer loyalty. By blending traditional energy distribution with forward-thinking strategies in renewable energy, Vibra Energia demonstrates a clear understanding of market dynamics, setting the stage for long-term growth in an evolving energy landscape.
Vibra Energia SA, formerly known as Petrobras Distribuidora, stands as a significant player in Brazil's energy sector, known for its extensive network in fuel distribution. The company, originally a subsidiary of Petrobras, has successfully carved out its identity after becoming an independent entity. Vibra Energia operates an expansive network of service stations scattered across Brazil, under the widely recognized BR brand. Its core business involves the distribution of diesel, gasoline, ethanol, and aviation fuel, catering to a diverse clientele that includes retail consumers at service stations, businesses needing large-scale supplies, and the aviation sector. This substantial market presence allows Vibra Energia to thrive in the competitive energy market, leveraging economies of scale to optimize its distribution logistics and ensure steady revenue streams.
Besides fuel distribution, Vibra Energia has been actively diversifying and enhancing its portfolio by delving into renewable energy initiatives and energy solutions services. Recognizing the global shift towards sustainability and the growing demand for cleaner energy, the company engages in solar energy projects and other renewable endeavors, aiming to position itself for the future of energy consumption. Furthermore, value-added services like convenience stores at their service stations contribute to revenue diversification and customer loyalty. By blending traditional energy distribution with forward-thinking strategies in renewable energy, Vibra Energia demonstrates a clear understanding of market dynamics, setting the stage for long-term growth in an evolving energy landscape.
Margins: Q4 adjusted EBITDA margin of BRL 251/m3 and adjusted recurring EBITDA margin of BRL 167/m3 (internal recurring BRL 177/m3 after inventory effect); management says margins expanded every quarter in 2025.
Volumes & Share: 2025 volumes reached 35.9 million m3 with Q4 market share at 24.5% (up 0.8 ppt YoY) and record Q4 volumes (highest in 12 quarters).
Profit & Cash: Full‑year EBITDA BRL 8.2 billion and cash generation BRL 5.5 billion in 2025; Q4 operating cash flow BRL 1.2 billion.
Leverage & Capital: Net debt ~BRL 19.1 billion, leverage reduced to 2.4x (below 2.5x target); announced a long‑dated issuance (10th) to lower cost of debt and extend maturities.
Retail & Network: Added 404 service stations in 2025 (100 in Q4), total network ~7,400 stations; BR Mania at 1,517 operations and GMV +16% YoY.
Comerc: Comerc EBITDA flat year‑over‑year at BRL 232 million; management pursuing efficiency and targets free‑cash‑flow breakeven around 2027.
Capital allocation & 2026 plan: CapEx for 2026 expected in the same order of magnitude as 2025 (2025 CapEx BRL 2.0 billion); priority on logistics, SG&A reduction and working‑capital control.
ESG & new initiatives: SAF pilots at Salvador airport, ongoing social programs, Lubrax expansion (Argentina branch) and Lubrax plant utilization improving to ~70%.