Verbio firms up forecast following strong H1 2025 / 26

Business momentum continues to gather pace: Q2 outperforms Q1 Return to positive free cash flow in Q2 Outlook for FY 2025/26 firmed up Leipzig, February 12, 2026 – In the second quarter of the financial year 2025/26 Verbio has built on its momentum from the first quarter and achieved a strong first half of the year. In the first half of the financial year 2025/26 Verbio produced a total of 618,023 tonnes of biodiesel and bioethanol, exceeding the previous year’s figure of 600,425 tonnes. The increase in production volumes is due to the successful ramp-up of the combined bioethanol and biomethane plant in Nevada and to higher production capacity available in the Bioethanol plant at South Bend. The Group also produced 672,296 MWh of biomethane in the first half of the financial year 2025/26 (H1 2024/25: 559,685 MWh). With higher overall production and sales volumes, the Group’s revenues increased to EUR 893.7 million (H1 2024/25: EUR 751.6 million). This was due in particular to the renewed upturn in demand for GHG quotas, which led to a significant increase in quota prices against the backdrop of the changes in regulatory measures as part of RED III implementation. The effects will become further apparent in the coming quarters. Raw material and consumables used amounted to EUR 755.1 million, also at a higher level than in the same period in the previous year (H1 2024/25: EUR 664.4 million), but this increase was at a disproportionately low rate in relation to revenue. Taking account of changes in inventory of unfinished goods and work in progress, the gross margin was EUR 134.5 million (H1 2024/25: EUR 116.7 million). This trend was primarily driven by the Bioethanol/Biomethane segment, where the recovery of the GHG quota market was notably significant. Within this segment, developments in North America also made a positive contribution to the overall performance. The Group operating result (EBITDA) was EUR 45.5 million, significantly higher than in the comparative period in the previous year (H1 2024/25: EUR 14.3 million). The increase in EBITDA did not have the full impact on the net result for the period due to higher tax expenses. The net result for the period amounted to EUR -0.7 million (H1 2024/25: EUR -26.4 million). Operating cash flow reached EUR 35.6 million after the first six months of 2025/26 thanks to the improved operating momentum (H1 2025/26: EUR 6.2 million), while payments for property, plant and equipment totalled EUR 47.8 million (H1 2024/25: EUR 66.7 million). These primarily represented investments in plant and equipment for the production of speciality chemicals from rapeseed methyl ester (biodiesel) in Europe and the plant in South Bend (IN, USA). As a result, net financial debt amounted to EUR 173.6 million as at December 31, 2025 (June 30, 2025: EUR 164.0 million). The equity ratio was 58.2 percent (June 30, 2025: 58.2 percent). The development of net financial debt corresponds to the planned temporary cash outflows due to the investment programme. In comparison to September 30, 2025 (EUR 203.8 million) there was already a downward trend: free cash flow was positive again in Q2, underlining the increasing operational strength. Q2: Bioethanol/Biomethane segment as earnings driver In the second quarter of the financial year 2025/26 the Verbio Group as a whole generated sales revenues of EUR 455.4 million (Q2 2024/25: EUR 393.6 million) and an EBITDA of EUR 30.1 million (Q2 2024/25: EUR 20.8 million), following on from the first quarter of the financial year 2025/26 in which the Group generated sales revenues of EUR 438.2 million and an EBITDA of EUR 15.4 million. The positive earnings performance is primarily attributable to the Bioethanol/Biomethane segment. As a result Verbio returned to generating positive earnings per share, with earnings per share of EUR 0.05 (Q2 2024/25: EUR -0.06; Q1 2025/26: EUR -0.06). Production in the Biodiesel segment was at a record level in Europe in the second quarter of 2025/26. In Canada, volumes were reduced as planned in the reporting period due to changes in regulatory framework conditions in North America. Overall, these developments led to a decline in production figures compared to the previous year and the previous quarter. Revenue also decreased; in the second quarter of 2025/26 Verbio generated revenue of EUR 223.8 million in the Biodiesel segment, compared to EUR 242.5 million in the second quarter of 2024/25 and EUR 244.1 million in the first quarter of 2025/26. In addition to the regulatory restrictions in Canada, lower sales prices coupled with rising material costs in Europe led to a lower EBITDA result of EUR 24.1 million compared to the same period in the previous year (Q2 2024/25: EUR 36.6 million). In comparison to the first quarter (EUR 22.6 million), however, there was a positive effect on earnings due to higher sales prices thanks to the expansion of rapeseed methyl ester blending combined with only a moderate increase in the cost of materials in Europe. Production in the Bioethanol/Biomethane segment amounted to 153,131 tonnes of ethanol and 336,245 GWh of biomethane, above the previous year’s figures and stable compared to the previous quarter. Thanks to the ramp-up of North American capacities, the temporary effects of the maintenance work in Europe were more than offset in comparison to the second quarter of 2024/25 and wholly offset compared to the first quarter of 2025/26. Despite the extreme weather, a new production record was set in Nevada in December. Revenue in the second quarter was up on the same quarter of the previous year at EUR 228.0 million (Q2 2024/25: EUR 146.9 million) and also compared to the previous quarter (Q1 2025/26: EUR 191.2 million). This was driven by the recovery of the GHG quota market, higher sales volumes of bioethanol and biomethane, as well as higher sales prices in Europe. Falling sales prices in North America had the opposite effect. In the same period of the previous year, the political decision to suspend the carry-forward of the GHG quotas from 2024 to the obligation years 2025 and 2026 led to a slump in demand at the end of the year. Thanks to the stabilisation of the GHG quota market, Verbio was able to report positive segment EBITDA (EUR 5.8 million) in the second quarter of 2025/26 for the first time in five quarters, compared to EUR -15.3 million in the second quarter of 2024/25 and EUR -9.5 million in the first quarter of 2025/26. Compared to the same quarter of the previous year, the ramp-up of capacities in North America also had a positive effect; compared to the previous quarter, the improvements in spreads1 in Europe supported the earnings trend. The Other segment, which includes Verbio’s logistics and trading activities, reported an EBITDA of EUR 0.2 million (Q4 2024/25: EUR -0.4 million; Q1 2025/26: EUR 2.3 million) reflecting in particular the development of commodity forward contracts. Verbio firms up forecast for the financial year 2025/26 At the time of publication of the annual report for the financial year 2024/25 on September 25, 2025, EBITDA for the financial year 2025/26 was forecast to be in the high double-digit million range and thus significantly higher than in the previous year. Based on the positive business development in the first six months of the current year, Verbio is firming up its expectation for EBITDA for the full year at the upper end of the previous forecast range. There is an unchanged expectation that the improved result and lower investments will to lead to a moderate reduction in net financial debt compared with the previous year. Verbio updates calculation of its CO2 handprint Political clarity in the biofuels market is increasingly emerging worldwide. In Europe, the national implementation of the revised Renewable Energy Directive (RED III) is a key lever for greater climate protection in the transport sector. In Germany, one of Europe’s most important markets, the focus is on strengthening the prevention of fraud in the GHG quotas – among other things through obligations to carry out on-site inspections, the elimination of double counting of advanced biofuels, and the reform of the legitimate expectations approach. Following a cabinet decision in December 2025 the Bundesrat (the German Parliament) has already dealt with the law; the final parliamentary consultation in the Bundestag is scheduled for March 2026 before the law can finally come into force with retrospective application from January 1, 2026. The elimination of the double counting of advanced biofuels towards GHG quotas and the reform of the legitimate expectations approach are already considered to be largely assured, which is also reflected in market behaviour. As a consequence there was a doubling of the GHG quota price per tonne of CO? at the turn of the year as demand for real volumes increased. This increases the absolute and relative attractiveness of conventional biofuels in comparison to advanced biofuels, while the incentive for fraudulent re-declaration decreases, further supporting the price trend. Claus Sauter, Chief Executive Officer of Verbio SE, commented: “Conventional biofuels were not too expensive – they were competing with fraud. With the abolition of double counting for incorrectly declared advanced biofuels, the price and cost advantage of conventional biofuels is becoming apparent, as can already be seen in the margin development for conventional biodiesel and bioethanol. The doubling of prices for GHG quotas in recent months in anticipation of the expected regulatory amendments is a new indication of the extent of fraud in recent years.” For Verbio as a supplier of both conventional and advanced biofuels, the way GHG quotas from previously double?counted advanced biofuels are accounted for in Germany is also changing. This development – together with an expected recovery in prices – was already taken into account in the initially published EBITDA forecast. Against this background, Verbio is now also updating the calculation of its CO? handprint. This value describes the CO? savings potential of all the main products produced and traded by Verbio worldwide and is calculated in accordance with German regulatory requirements, including the previously possible double counting of advanced biofuels. According to the previous approach, Verbio achieved a total of 5.5 million tonnes of CO? savings in the financial year 2024/25, with the objective of achieving up to 8 million tonnes by 2026/27. Under the new regulatory framework conditions there is now an expected CO? saving of 4.7 million tonnes by 2027/28. Current developments in North America are also supporting the biofuels market. Export demand supported by trade policy incentives, as well as a renewed push for year-round authorisation of E15, are strengthening the sales base. The US Treasury Department’s draft of the 45Z regulations for tax incentives for renewable fuels published at the beginning of February provides the industry with additional clarity. The draft takes into account improvements in the carbon intensity of biofuels through agricultural measures and contains further adjustments, including the elimination of deductions for indirect land-use change (ILUC) for domestic raw materials. Verbio key figures

(EUR millions)	H1 24/25	H1 25/26	yoy	Q1 25/26	Q2 25/26	qoq
Production
Biodiesel (tonnes)	326,078	311,177	-4.6%	166,885	144,292	-13.5%
Bioethanol (tonnes)	274,347	306,846	11.8%	153,714	153,131	-0.4%
Biomethane (MWh)	559,685	672,296	20.1%	336,051	336,245	0.1%
Revenue	751.6	893.7	18.9%	438.2	455.4	3.9%
Segment Biodiesel	439.6	467.9	6.4%	244.1	223.8	-8.3%
Segment Bioethanol	304.4	419.2	37.7%	191.2	228.0	19.2%
EBITDA	14.3	45.5	218.8%	15.4	30.1	96.2%
EBITDA margin	1.9%	5.1%	3.2%	3.5%	6.6%	3.1%
Segment Biodiesel	52.0	46.7	-10.2%	22.6	24.1	6.3%
EBITDA margin	11.8%	10.0%	-1.8%	9.3%	10.8%	1.5%
Segment Bioethanol	-36.9	-3.7	n.a.	-9.5	5.8	n.a.
EBITDA margin	n.a.	n.a.	n.a.	n.a.	2.6%	n.a.

 

(EUR millions)	30.06.2025	30.09.2025	+/-
Net debt	164.0	173.6	5.9%
Equity ratio	58.2%	58.2%	0 pp

Detailed information on business developments in the first six months of the financial year 2025/26 is provided in Verbio’s half-year financial report for the period ended December 31, 2025, which can be viewed from 8.30 a.m. CET on Verbio’s website at https://www.verbio.de/en/financial-reports/. 1 The market spread is the difference between the price of the biofuel finished product and the prices of the primary raw materials used, expressed per tonne of biofuel.
About Verbio At Verbio we make more from biomass. In our biorefineries we convert raw materials and residues from regional agriculture into climate-friendly fuels, green energy and renewable products for chemicals and agriculture. In addition, we create high-value components from sustainably-generated biomass for the animal feed and foodstuff industries. We employ approximately 1,400 people at our locations in Europe, Asia and North America. Our motto “Pioneering green solutions” sums up what drives our international team: with innovative technologies and green solutions, we are shaping the social and industrial transformation toward climate neutrality and ecological production. We contribute to preserving natural resources and to leaving the Earth in a habitable state for the generations that will follow us. In doing so we combine global growth with economic success, social responsibility and security of supply. Verbio shares (ISIN DE000A0JL9W6/WKN A0JL9W) have been listed in the prime standard segment of the Frankfurt Stock Exchange since October 2006. Our headquarters are in Zörbig, Germany.
Important notice This publication 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 situation, 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.   Contact:
Verbio SE
Ritterstraße 23 (Oelßner's Hof)
04109 Leipzig

Alina Köhler (IR)
Ulrike Kurze (PR)
+49(0)341/308530-299
E-Mail: [email protected]/[email protected]