Vibra Energia S.A./ADR Business Summary

Vibra Energia S.A. operates as Brazil’s preeminent fuel distributor and a diversified energy platform, generating revenue through the large-scale procurement and distribution of petroleum derivatives, biofuels, and lubricants under the licensed Petrobras brand. The company’s operations are divided into four strategic segments: Retail, encompassing a network of over 8,000 service stations and BR Mania convenience stores; B2B, servicing over 10,000 industrial, agribusiness, and transport clients; Aviation, which commands a 60% domestic market share via BR Aviation; and Energy, focused on renewable power trading and distributed generation through its Comerc Energia subsidiary. Vibra maintains a market-leading position with approximately 25% of the national fuel market, competing primarily against Raízen (Shell), Ipiranga (Ultrapar), and Alesat. Its competitive advantage is rooted in the country's most extensive logistics infrastructure, including 92 storage bases and 92 airport fueling points, which provides unmatched scale and distribution efficiency. The company is led by Chief Executive Officer Ernesto Pousada, who joined in 2023 with a background as CEO of VLI Logística and executive roles at Suzano and Dow Chemical. As of February 2026, the financial strategy is directed by Chief Financial Officer Mauricio Fernandes Teixeira, an electronics engineer and finance expert who previously served as CFO for Hapvida and Localiza. The leadership team is further bolstered by Daniel Drumond Campos e Silva, Vice President of Operations, and Marcelo Bragança, who leads the Lubricants division. Vibra is a publicly traded corporation with a highly dispersed ownership structure; its principal shareholders include Dynamo Administração de Recursos, GIC Private Limited, and BlackRock. The Board of Directors, chaired by Sergio Rial and including independent directors such as Fabio Schvartsman and Walter Schalka, emphasizes a governance-heavy approach focused on capital allocation and the strategic pivot toward a low-carbon energy matrix.