Vibra earned R$2.46bn, six times more. But margin per liter has started to fall
Profit up 504% and above consensus. Distribution margin slipped to R$381/m³ from R$456 the previous quarter.
To save you time3
- How much did Vibra earn?
- R$2.46 billion in Q3, 504% above R$407 million a year earlier. LSEG consensus was R$1.8 billion.
- What is the concern?
- Distribution margin fell to R$381 per m³ from R$456 in Q2, and EBITDA fell 11% quarter on quarter (XP).
- And the balance sheet?
- Net debt of R$14.4 billion (-23%) and 1x leverage. The station network sold 6.09 million m³, driven by gasoline and ethanol.
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Vibra earned R$2.46 billion in Q3, 504% more than a year earlier and above consensus (R$1.8 billion, LSEG).
The numbers
- Adjusted EBITDA: about R$4.3 billion (+137%). XP puts recurring EBITDA at R$3.84 billion.
- Distribution margin: R$381/m³, versus R$456/m³ in Q2.
- Station network volume: 6.09 million m³, driven by gasoline and ethanol.
- Net debt: R$14.4 billion, -23%, 1x leverage.
The watch point
Profit is strong, but margin per liter has slipped and EBITDA fell 11% versus the prior quarter.
What I would watch
Vibra bridges mill and pump. With Raízen restructured and ethanol competing with gasoline for volume, margin per cubic meter is the number that drives VBBR3 from here.
