Slides
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FY/Q4 2025/26 Claus Sauter (CEO), Olaf Tröber (CFO) Earnings Call September 24, 2026
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This presentation contains forward-looking statements that are based on current assumptions and estimates made by the management of Verbio SE. Although the Company’s management is of the opinion that these assumptions and estimates are realistic, actual future developments and actual future results may differ significantly from these assumptions and estimates due to a variety of factors. These factors can include, among other things, changes in the financial and asset position, the development or performance of the Company, the legal and regulatory framework in Germany and the EU, and changes in the industry. Verbio neither intends nor assumes any separate obligation to update, revise or adapt forward-looking statements to take account of future events or developments. Disclaimer 2
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164.0 91.5 30.06.2025 30.06.2026 58.2% 59.7% 30.06.2025 30.06.2026 14.2 193.9 FY 24/25 FY 25/26 619 627583 591 1,190 1,410 FY 24/25 FY 25/26 Biodiesel in kt Bioethanol in kt RNG in GWh FY 2025/26: Result turnaround and strong cash generation Production in kt* and GWh EBITDA in € m New production records in liquid fuels and biomethane were driven by the ramp-up in Nevada and improved plant utilization across Verbio’s production facilities. The significant yoy increase was driven by the recovery of the GHG quota market, improved bioethanol market spreads and higher utilization rates in North America. Higher profitability translated into strong operating cash flow and positive free cash flow, supporting further deleveraging. Improved earnings and lower net debt further strengthened Verbio’s balance sheet. Net debt in € m Equity ratio * thousand tonnes FY 25/26 30.06.2026 30.06.2026 3 FY 25/26 FY in brief Q4 financial performance Q&A2026/27 outlook FY 24/25 +19%
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0 50 100 150 200 250 300 2024/25 2025/26 Reference spread Verbio Premium Recovering markets, expanding Verbio Premium Development of gross margin in €/t of biodiesel and bioethanol sold 1 Reference market spread calculated as the sales-volume-weighted average spread (price difference between the finished biofuel an d its main feedstocks) across products 2 Premium calculated as gross margin per ton of biodiesel and bioethanol sold less the reference margin 2025/26 4 FY in brief Q4 financial performance Q&A2026/27 outlook 1 2 • Improved market conditions, including the recovery of the GHG quota market, drove a significant increase in gross margins • Premium above benchmark market spreads widened further through co-products and GHG quota monetization • CO₂ handprint increased to a record 4.7m tonnes, supported by higher volumes and improved CO₂ efficiency
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RED III implementation restores a level playing field 5 15.4 30.1 60.2 88.2 0 20 40 60 80 100 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 • RED III implementation removes a key market distortion through the elimination of double-counting since January 2026 • Seasonal quota sales provided an additional earnings tailwind in Q3 • Reversal of GHG quota inventory impairment benefited Q4 EBITDA • The end of trust-based certificate recognition from 2027 is set to further limit fraud FY in brief Q4 financial performance Q&A2026/27 outlook EBITDA in € m
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-26.3 34.2 55.0 -8.2 60.2 88.2 -40 -20 0 20 40 60 80 100 Q4 24/25 Q3 25/26 Q4 25/26 Bioethanol/Biomethane Group Q4 25/26 EBITDA in € m Overview Q4 2025/26: Bioethanol/Biomethane segment drives earnings 6 FY in brief Q4 financial performance Q&A2026/27 outlook
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18.5 32.8 0 10 20 30 40 Q3 25/26 Q4 25/26 EBITDA in € m 202.7 280.4 145.2 172.4 0 100 200 300 400 Q3 25/26 Q4 25/26 SaIes in € m Production in kt Biodiesel segment Record production in Europe and the restart of operations in Canada after the planned winter shutdown drove a significant increase in total production. Higher sales volumes and biodiesel prices supported revenue growth. Higher sales volumes, stronger biodiesel prices and improved profitability in North America supported gross margin expansion and EBITDA growth. Q4 25/26 Q4 25/26 7 FY in brief Q4 financial performance Q&A2026/27 outlook
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900 1,000 1,100 1,200 1,300 1,400 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Biodiesel Rapeseed oil -100 0 100 200 300 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2024/25 2025/26 Biodiesel market development (Europe) Market spreads in €/t Biodiesel and rapeseed oil in €/t of biodiesel in 2025/26 Spread = Biodiesel price ./. Rapeseed oil price per tonne of biodiesel; As per 30 June 2026 close As per 30 June 2026 close 8 FY in brief Q4 financial performance Q&A2026/27 outlook
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34.2 55.0 0 10 20 30 40 50 60 Q3 25/26 Q4 25/26 EBITDA in € m 236.3 243.5 124.1 159.9 365.9 370.2 0 100 200 300 400 Q3 25/26 Q4 25/26 Sales in € m Bioethanol Production in kt RNG Production in GWh Bioethanol/Biomethane segment Biomethane production reached a new record level. Bioethanol production also increased driven by higher output in North America and the recovery of European production following the biological disruption in Q3. Higher bioethanol prices as well as increased sales volumes supported revenue growth. Improved market spreads and higher plant utilization supported profitability, partly offset by lower revenues from the seasonally strong GHG quota business in Q3. EBITDA also benefited from the reversal of the impairment on GHG quota inventories. Q4 25/26 9 Q4 25/26 FY in brief Q4 financial performance Q&A2026/27 outlook
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0 100 200 300 400 500 600 Apr 25 Jun 25 Aug 25 Oct 25 Dec 25 Feb 26 Apr 26 Jun 26 2025 2026 RED III supports GHG quota price recovery 10 • RED III implementation supported quota price recovery • Expectations of a tighter market improved sentiment • Initial demand emerged for 2026 quotas • Low Rhine water levels provided additional support towards year-end GHG quota price development in €/t CO2-eq Q4 2025/26Q4 2024/25 *Removal of double-counting increased the per-unit quota value of conventional biofuels; economics of advanced biofuels largely unchanged. * FY in brief Q4 financial performance Q&A2026/27 outlook
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500 600 700 800 900 1,000 1,100 1,200 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Bioethanol Wheat 0 100 200 300 400 500 600 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2024/25 2025/26 Bioethanol market development (Europe) Market spreads in €/t Bioethanol and wheat in €/t of bioethanol in 2025/26 Spread = Bioethanol price ./. Wheat price per tonne of bioethanol; As per 30 June 2026 close As per 30 June 2026 close 11 FY in brief Q4 financial performance Q&A2026/27 outlook
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300 400 500 600 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Bioethanol Corn 0 100 200 300 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2024/25 2025/26 Bioethanol market development (USA) Market spreads in €/t Bioethanol and corn in €/t of bioethanol in 2025/26 Spread = Bioethanol price ./. Corn price per tonne of bioethanol; As per 30 June 2026 close As per 30 June 2026 close 12 FY in brief Q4 financial performance Q&A2026/27 outlook
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FY 2026/27: Growth led by Bioethanol/Biomethane 13 2025/26 2026/27E Production Biodiesel (t) 626,918 Stable Bioethanol (t) 590,884 Higher Biomethane (MWh) 1,410,312 Higher EBITDA € 193.9m € 210m - € 250m Net financial debt € 91.5m Significantly lower FY in brief Q4 financial performance Q&A2026/27 outlook Key assumptions: • Higher contribution from the Bioethanol/Biomethane segment: − Higher production volumes in North America, particularly in Nevada − Additional contribution from the GHG quota business • Lower investment spending
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FY 2026/27: Lower capex with continued strategic investments Investments in PPE in € m 14 • Lower capex than FY 2025/26 • Focus shifts from construction to optimization • Continued investments in biomethane and specialty chemicals • Further strengthening of competitiveness and value creation FY in brief Q4 financial performance Q&A2026/27 outlook Capital expenditure priorities 2026/27E South Bend South Bend conversion project: biogas integration Bitterfeld/Gödöllö Ethenolysis ramp-up Group Operational efficiency and debottlenecking
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0.00 1.00 2.00 3.00 4.00 Jan 26 Mar 26 May 26 Jul 26 Sep 26 RBOB Gasoline Futures in $/gal Chicago Ethanol (Platts) Futures in $/gal 600 800 1,000 1,200 1,400 Jan 26 Mar 26 May 26 Jul 26 Sep 26 Gasoline in €/t (incl. national carbon levy) Ethanol in €/t 0.00 0.50 1.00 1.50 2.00 Jan 26 Mar 26 May 26 Jul 26 Sep 26 Diesel in €/l Bio-LNG in €/kg Ethanol is the lowest-cost liquid fuel Economics support demand for renewable fuels Renewable fuels offer attractive economics in key markets, supporting long-term demand growth. 15 Bio-LNG is significantly cheaper than diesel Ethanol is competitive with gasoline FY in brief Q4 financial performance Q&A2026/27 outlook
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Bio-LNG remains lowest-cost option in transport 16 FY in brief Q4 financial performance Q&A2026/27 outlook 0 10 20 30 40 50 60 70 Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26 Jul 26 Aug 26 Sep 26 RME Diesel HVO Bio-LNG Price development in €/GJ • Bio-LNG remains the most cost- competitive fuel option for road transport • Higher costs position HVO as the marginal compliance option 1 RME: Rapeseed Methyl Ester; HVO: Hydrotreated Vegetable Oil
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13 Q&A FY in brief Q4 financial performance Q&A2026/27 outlook
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Ulrike Kurze Public Relations Ritterstraße 23 (Oelßner‘sHof) 04109 Leipzig E-Mail: pr@verbio.de Point of contact Alina Köhler Investor Relations Ritterstraße 23 (Oelßner‘sHof) 04109 Leipzig E-Mail: ir@verbio.de 18
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www.verbio.de Ritterstraße 23 04109 Leipzig Germany Verbio SE T +49 341 308530-0 F +49 341 308530-999 info@verbio.de