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EarningsQ4 2026 Earnings Report
DE:VBK Q4 2026 EPS Results
Actual EPS€0.66
Consensus EPS€0.87
Beat/MissMissed by -€0.21
One Year Ago EPS-€1.52
DE:VBK Q4 2026 Revenue Results
Actual Revenue€531.93M
Expected Revenue€564.00M
Beat/MissMissed by -€32.07M
YoY Revenue Growth+22.74%
Earnings Announcement Details
QuarterQ4 2026
Date09/24/2026
TimeBefore Open
Conference CallThursday, September 24, 2026
DE:VBK Upcoming Earnings
verbio Vereinigte BioEnergie's next earnings date is estimated for November 12, 2026, based on past reporting schedules.
Q4 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Verbio reported a substantial EBITDA recovery, record production, strong cash generation, lower net debt, improved returns, a significantly stronger fourth quarter, and positive EBITDA guidance for 2026/2027. Management also highlighted supportive regulation, continued biomethane demand, and strategic growth projects. The main challenges were lower expected biodiesel contribution, pressure on benchmark biodiesel spreads, quota-market uncertainty, a high tax rate, and the fact that potential 45Z benefits are not included in guidance.Company Guidance
Full-Year EBITDA Recovery
Group EBITDA increased to EUR 193.9 million for financial year 2025/2026, primarily driven by normalization of the greenhouse gas quota market, improved bioethanol market spreads, higher utilization rates in North America, the reversal of impairments on greenhouse gas quota inventories, and the absence of negative one-off effects recorded in 2024/2025.
Record Production and Biomethane Growth
Production reached new record levels, with slight growth in biodiesel and bioethanol production and a significant increase in biomethane output. The increase was supported by the continued ramp-up in Nevada and improved utilization across production facilities.
Strong Cash Generation and Balance Sheet
Operating cash flow increased to EUR 164.6 million and free cash flow reached EUR 78 million despite continued investments in the Bitterfeld specialty chemicals project and the South Bend site in Indiana. Net debt declined substantially to EUR 91.5 million, the equity ratio increased to 59.7%, and ROCE recovered to around 12%.
Record CO2 Handprint
Verbio's CO2 handprint increased to a record 4.7 million tonnes, driven by higher production volumes and improved CO2 efficiency.
Strong Fourth-Quarter Performance
Fourth-quarter group EBITDA increased to EUR 88 million from a loss of EUR 8 million in the prior-year quarter, making it the strongest quarter of the financial year. Quarterly EBITDA increased steadily from EUR 15.4 million in Q1 to EUR 88.2 million in Q4.
Bioethanol and Biomethane Segment Turnaround
Bioethanol/Biomethane segment EBITDA increased from a loss of EUR 26 million in Q4 2024/2025 to a profit of EUR 55.0 million in Q4 2025/2026. The improvement was supported by better bioethanol spreads in Europe and North America, recovery in the greenhouse gas quota market, higher North American utilization, and the reversal of approximately EUR 19 million of prior-year impairment.
Biodiesel Volume and EBITDA Growth
Biodiesel production increased from 145,000 tonnes in Q3 to 172,000 tonnes in Q4, while revenue rose from EUR 202.7 million to EUR 280 million. EBITDA increased from EUR 18.5 million to EUR 32.8 million, supported by higher sales volumes, higher biodiesel prices, favorable feedstock sourcing, higher utilization and efficiency in North America, and increased physical biodiesel demand following RED III implementation.
Logistics Resilience in Europe
Despite low water levels on the Rhine creating logistical challenges for some market participants, Verbio continued serving customers through its established rail and truck deliveries.
Record Biomethane Production
Biomethane production reached another record level of more than 370 gigawatt-hours, supported by the continued ramp-up of the Nevada facility.
Bioethanol Revenue and Market Improvement
Bioethanol production increased, driven by higher North American output and a recovery in European production following temporary biological disruptions in the fermentation process. Segment revenue increased from EUR 236 million in Q3 to EUR 243.5 million in Q4, supported by higher bioethanol prices and increased sales volumes.
Supportive North American Bioethanol Conditions
North American bioethanol market spreads improved significantly during the fourth quarter and remained well above prior-year levels. Higher ethanol prices, broadly stable corn prices, ethanol's competitiveness versus gasoline, attractive blending economics, the continued rollout of E15, the driving season, and strong export demand supported the business.
Improved Regulatory Environment
The implementation of RED III in Germany, including the elimination of double counting from January 2026, removed a significant market distortion and contributed to a more level playing field in the greenhouse gas quota market. From 2027, market participants will also no longer be able to rely on private certification claims alone.
Positive 2026/2027 EBITDA Guidance
Verbio expects group EBITDA to increase to between EUR 210 million and EUR 250 million in financial year 2026/2027. The increase is expected to be primarily volume-driven, supported by higher North American production, continued biomethane growth, and higher contributions from the greenhouse gas quota business.
Continued Investment in Growth Projects
Verbio plans to continue investing in South Bend by adding biogas production to the existing ethanol facility, ramping up the ethenolysis facility in Bitterfeld and Gödöllo, and improving existing operations. Start-up of the ethenolysis facility is underway, with the official inauguration planned for early October.
Strategic Specialty Chemicals Optionality
The ethenolysis technology is intended to produce renewable specialty chemicals from vegetable oils, including surfactants, lubricants, and base components for plastics. Management described the project as a strategic investment to move rapeseed methyl ester into chemical applications and said its contribution is reflected in planning, while also providing additional optionality.
Biomethane Demand and Cost Competitiveness
Management stated that bio-LNG is available at slightly above EUR 10 per gigajoule compared with HVO prices of EUR 50 to EUR 60 per gigajoule. Verbio expects more trucks, hauliers, and demand for bio-LNG and bio-CNG as high diesel prices drive transport operators to seek alternatives. Verbio stated that it is now the biggest producer and trader of biomethane in Germany and is also exporting molecules.
45Z Tax Credit Upside Not Yet Included
Verbio has not reflected any 45Z tax credit benefit in its current planning. Management stated that the Nevada concept could potentially reduce carbon intensity to zero and provide up to $1 per gallon of ethanol, although the company is still working with regulators on how its model should be reflected.
DE:VBK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed