Verbio Vereinigte Bioenergie Ag Stock Earnings Reports

Key points for investors: Verbio delivered strong operational and financial performance in Q1 2025/26 with record biodiesel production (~167,000 tonnes, ~94% utilization), ethanol production up 10% to 154,000 tonnes and biomethane +24% y/y driven by Nevada ramp-up. EBITDA turned positive to EUR 15.4m (from -EUR 6.6m), supported by higher co‑product revenues, favorable commodity forwards/FX and improved spreads, with the Biodiesel segment notably strong (EBITDA ~EUR 22.6m). Net financial debt rose due to temporary negative free cash flow from working capital timing effects and ~EUR 20m strategic investments (specialty chemicals unit in Bitterfeld, inventory/production investments in South Bend). Equity ratio remains healthy (~58%). Management keeps FY 2025/26 guidance unchanged (EBITDA expected in the high double‑digit million EUR range) but flags significant upside potential from higher GHG quota prices and RED III implementation while remaining cautiously conservative. Key operational focus areas: complete ramp-up and stable utilization in Nevada and South Bend (U.S.), finalize ethenolysis project in Bitterfeld, tight capex control and working capital optimization. RED III transposition (fraud prevention, removal of double counting, restrictions on denatured ethanol) is highlighted as an important medium-term positive for European ethanol pricing and quota dynamics. Management expects Q2 to be constructive and sees reduced downside risk and increased upside potential but will not adjust guidance until trends persist.