Verbio Se · XETR:VBK
Verbio — Investor Day (October 2026)
49 slides from Verbio's investor day presentation, October 2026
Slide 1: More value from every molecule
More value from every molecule CMD, October 2026 Key Note Claus Sauter (CEO)
Slide 2: Biomass is entering a renaissance
Biomass is Value creation Verbio is entering a extends beyond positioned to renaissance. the commodity capture that product. value. 2
Slide 3: Europe demonstrates the strength of the Verbio model
Europe demonstrates the strength of the Verbio model CMD, October 2026 Theodor Niesmann (CTO Europe), Stefan Schreiber (CCO North America, Global Trading and Corporate Affairs)
Slide 4: The integrated biorefinery as a value creation platform
Platform Value Premium Value drivers Track record Q&A The integrated biorefinery as a value creation platform The integrated biorefinery creates multiple pathways to generate value: • Molecules can be monetized through different products and end markets • Additional value is created through flexibil
Slide 5: Europe demonstrates persistent value realization above the market baseline
Platform Value Premium Value drivers Track record Q&A Europe demonstrates persistent value realization above the market baseline Development of gross margin in Europe in €/t of biodiesel and bioethanol throughput 800 Reference spread1 Verbio Premium 2 700 600 • Value above the market baseline remain
Slide 6: Every molecule earns twice: physical value plus compliance value
Platform Value Premium Value drivers Track record Q&A Every molecule earns twice: physical value plus compliance value Total delivered value Conceptual – the split between the two components differs by product, market and over time • Portfolio breadth enables allocation to the highest-value complian
Slide 7: Two routes to German GHG market
Platform Value Premium Value drivers Track record Q&A Two routes to German GHG market: capturing compliance value across both Liquid fuels: one transaction Obligated party • Continuous GHG sells molecules molecule CO2-saving optimization increases Producer of to road transport compliance value biodi
Slide 8: Direct market access increases monetization
Platform Value Premium Value drivers Track record Q&A Direct market access increases monetization Our access to demand What it delivers Demand What it delivers Own fuelling 40 • Full margin 168 • Anchor demand for Own truck fleet the molecule points fuelling points capture LNG/CNG trucks Control = m
Slide 9: Bio-LNG offers the lowest cost of ownership in German heavy-duty transport
Market context Bio-LNG offers the lowest cost of ownership in German heavy-duty transport Cost of truck ownership in € over 5 years 600,000 km | >18t truck | German toll regime | Bio-LNG € 0.65/kg | Power € 0.39/kWh | Diesel € 1.55/l1 Bio-LNG adoption supported by: • Lowest total ownership cost Bio-
Slide 10: Without toll exemptions, e-trucks lose their cost competitiveness
Market context Without toll exemptions, e-trucks lose their cost competitiveness Cost of truck ownership in € over 5 years 600,000 km | >18t truck | Bio-LNG € 0.65/kg | Power € 0.39/kWh | Diesel € 1.55/l1 Bio-LNG adoption supported by: • Lowest total ownership cost Bio-LNG • Competitive without rely
Slide 11: Additional value pools beyond reference spread and compliance value
Platform Value Premium Value drivers Track record Q&A Additional value pools beyond reference spread and compliance value Reference basis Fuel-price-independent products Compliance value Biodiesel Biomethane Sterols GHG value & other Bioethanol line Biodiesel line Bioethanol (Pharma-)glycerine Biodi
Slide 12: Proprietary biomethane pathway expands feedstock choices
Platform Value Premium Value drivers Track record Q&A Proprietary biomethane pathway expands feedstock choices Traditional ethanol producer Verbio’s integrated biorefinery Feedstock choices constrained by: Feedstock choices optimized for: • DDGS* quality • Pathway economics • Feed market requirement
Slide 13: Multiple value drivers support value creation
Platform Value Premium Value drivers Track record Q&A Multiple value drivers support value creation Verbio Premium Additional AdditionalValue ValuePools Pools Commercial CommercialPlatform Platform Integrated IntegratedBiorefinery Biorefinery Compliance value Demand access Customer relationships Fee
Slide 14: The drivers of the Verbio Premium evolve across market cycles
Platform Value Premium Value drivers Track record Q&A The drivers of the Verbio Premium evolve across market cycles Verbio Premium1 in €/t of biodiesel and bioethanol sold 1,000 Fuel-pice-independent products GHG value & other 2 Production costs 800 • Compliance value is an important 600 contributor
Slide 15: Asset production history
Platform Value Premium Value drivers Track record Q&A Asset production history Monthly production in tonnes 60,000 Biodiesel Bioethanol Linear (Biodiesel) Linear (Bioethanol) 50,000 40,000 Production growth has been driven primarily by debottlenecking, process 30,000 improvements and higher asset ut
Slide 16: Platform Value Premium Value drivers
Platform Value Premium Value drivers Track record Q&A 16
Slide 17: Increasing optionality: Chemicals
Increasing optionality: Chemicals CMD, October 2026 Theodor Niesmann (CTO Europe), Andreas Kohl (Head of Specialty Chemicals and Catalysts)
Slide 18: Renewable carbon creates value beyond fuel markets
Optionality Industrialization Adoption Value creation Q&A Renewable carbon creates value beyond fuel markets Biomass → Biofuels → Chemicals • Chemicals are generated from existing molecule streams • No new platform required • Integrated biorefinery enables flexible market allocation • Additional val
Slide 19: Chemicals unlock value pools beyond fuel applications
Optionality Industrialization Adoption Value creation Chemicals unlock value pools beyond fuel applications Value Chain Fuel Value chain Chemicals Fuel Application Bulk Chemicals Specialty Chemicals Value driver Delivered value optimization Scale & cost position Functionality & performance Product d
Slide 20: Industrialization enables commercialization
Optionality Industrialization Adoption Value creation Q&A Industrialization enables commercialization Verbio execution Customer adoption → → → Ethenolysis start-up Product quality Operational stability Yield optimization consistency → → → Sample deliveries Repeat testing Initial offtake Commercial s
Slide 21: Modular design de-risked scale-up
Optionality Industrialization Adoption Value creation Q&A Modular design de-risked scale-up • First commercial expansion stage operational • Modular design allowed phased reactor deployment • Reactor technology performing as expected • Site designed 60 kt capacity 21
Slide 22: From biodiesel to high-value C10 molecules
Optionality Industrialization Adoption Value creation Q&A From biodiesel to high-value C10 molecules Verbio‘s integrated biorefinery Industries • Lubricants/PAO1 1-Decene C10H20 • F&F1 9-DAME • FMCG1/PC&HC1/ C11H20O2 surfactants • Lubricants/solvents • Agro • F&F1 • Polymer/CASE1 C10 molecules are v
Slide 23: Why customers choose Verbio's renewable C10 molecules
Optionality Industrialization Adoption Value creation Q&A Why customers choose Verbio's renewable C10 molecules Local feedstock, production Economically attractive Ready to scale value chains C10 chains have a limited availibilty + Provide stability Feedstock RME1 / Technology / Catalysts higher val
Slide 24: Commercial validation through customer engagement
Optionality Industrialization Adoption Value creation Q&A Commercial validation through customer engagement C10 molecules 1-decene 9-DAME lubricants F&F1/ FMCG1/PC&HC1/ lubricants / Industry Agro F&F Polymer/CASE1 /PAO1 other surfactants solvents Selected markets ~700 ~45 ~380 ~120 ~40 ~14 ~430 (in
Slide 25: Bio-based C10 demand is constrained by supply
Optionality Industrialization Adoption Value creation Q&A Bio-based C10 demand is constrained by supply Bio-based C10 is limited in supply today C10 has an attractive but volatile price C10 from plant oils is available only from Economically attractive tropical oils C10 chains have a limited availab
Slide 26: Building a defensible position in bio-based specialty chemicals
Optionality Industrialization Adoption Value creation Q&A Building a defensible position in bio-based specialty chemicals Technology & IP Customer lock-in • Exclusive catalyst access • Long validation cycles • Proprietary production processes • High switching costs • Operating know-how Industrial sc
Slide 27: Chemicals expand the Verbio Premium
Optionality Industrialization Adoption Value creation Q&A Chemicals expand the Verbio Premium Gross margin in Europe1 in €/t of biodiesel and bioethanol throughput2 500 Reference spread Verbio Premium 400 • Existing molecule streams, no new platform required 300 • Fuel-market value is retained 200 •
Slide 28: Optionality Industrialization Adoption
Optionality Industrialization Adoption Value creation Q&A 28
Slide 29: Replicating the Verbio Model in the US
Replicating the Verbio Model in the US CMD, October 2026 Stefan Schreiber (CCO North America, Global Trading and Corporate Affairs)
Slide 30: The US provides a compelling foundation for scalable value creation
Market architecture Execution progress Future potential Q&A The US provides a compelling foundation for scalable value creation Structural Factor Europe USA Implications ~ 48.9m ha grain planted ~ 38.6m ha corn planted Feedstock base ~ 14.5m t cereals into ethanol ~ 142.4m t cereals into ethanol Low
Slide 31: The world's most attractive ethanol economics
Market architecture Execution progress Future potential Q&A The world's most attractive ethanol economics Price development in €/cbm 1,000 Ethanol Europe Ethanol Brazil Ethanol USA 900 800 700 600 500 400 300 Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26 Jul 26 Aug 26 Sep 26 31
Slide 32: Market architecture rewards delivered value: the US stacks differently
Market architecture Execution progress Future potential Q&A Market architecture rewards delivered value: the US stacks differently Total delivered value RIN value can exceed the molecule Conceptual – the blocks show which components make up delivered value, not their in USD/gal relative size. 2.60 E
Slide 33: Nevada: progressing toward full utilization
Market architecture Execution progress Future potential Q&A Nevada: progressing toward full utilization 2019 – today: establishing the @Acquisition Potential platform • First brownfield conversion of a cellulosic • Acquisition of a non-operational cellulosic ethanol plant into the Verbio platform •
Slide 34: South Bend: unlocking value creation in phases
Market architecture Execution progress Future potential Q&A South Bend: unlocking value creation in phases Next value Additional @Aquisition 2023 – today: operational turnaround Today layer opportunities Utilization in % • Close to corn production 120% • Access to key transport 100% Ethanol Ethanol
Slide 35: Establishing the platform shaped our approach to growth
Market architecture Execution progress Future potential Q&A Establishing the platform shaped our approach to growth Initial expansion phase Today Implications First brownfield transformation of existing assets Established platform ready to scale Platform scale-up Building local operating capabilitie
Slide 36: US earnings potential
Market architecture Execution progress Future potential Q&A US earnings potential Optimize existing platforms Leverage existing platforms Full earnings potential • Additional biogas/biomethane • Higher utilization at Nevada production • Biogas integration at South Bend • CCS value creation • ~$30-50
Slide 37: Delivered value optimization: 45Z opportunity
Market architecture Execution progress Future potential Q&A Delivered value optimization: 45Z opportunity @90% annual Carbon Intensity 45Z Value capacity Levers • Verbio's integrated ethanol + (kg CO2/MMBtu) ($/gal) utilization biomethane pathway differs from a conventional US ethanol plant 45 $ 0.1
Slide 38: Market architecture Execution progress Future potential
Market architecture Execution progress Future potential Q&A 38
Slide 39: Translating platform strength into financial performance
Translating platform strength into financial performance CMD, October 2026 Olaf Tröber (CFO)
Slide 40: Building the platform
Platform maturity Earnings power Capital allocation Q&A Building the platform Capex1 in €m 250 203 200 171 150 133 115 87 100 63 68 67 50 19 25 0 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 DE | Efficiency investments DE | Straw biomethane DE | Additional RME & st
Slide 41: Returns above peers over the cycle
Platform maturity Earnings power Capital allocation Q&A Returns above peers over the cycle – while investing ~1bn in the platform ROCE1 60% Peer Group Renewable Diesel/HVO Peer Group Bioethanol 40% Peer Group Biomethane Median ROCE 2016/17-2024/25: Verbio 20.9% 20% 13.0% 2.2% 0% -2.5% 2016/17 2017/1
Slide 42: Conservative funding kept us investing through the downturn
Platform maturity Earnings power Capital allocation Q&A Conservative funding kept us investing through the downturn Equity Ratio in % (lhs) & Net Cash in €m (rhs) • Capex fully covered by operating cash 90% 350 flow over the decade 80% 300 250 • Strategic investments continued 70% through the downtu
Slide 43: Illustrative earnings power across market cycles
Platform maturity Earnings power Capital allocation Q&A Illustrative earnings power across market cycles Down-cycle scenario included for illustration purposes in €m Down-cycle Mid-cycle Up-cycle EBITDA EU 98 248 428 EBITDA ex-EU1 28 42 53 EBITDA Other 5 10 20 Total EBITDA 130 300 501 • GHG quota: €
Slide 44: Shifting from platform expansion to value realization
Platform maturity Earnings power Capital allocation Q&A Shifting from platform expansion to value realization Platform maturity supports growing free cash flow (€m)1 FCF Operating CF Capex • Platform optimization and value realization • US platform moving towards earnings contribution • Commercializ
Slide 45: A clear order of priority
Platform maturity Earnings power Capital allocation Q&A A clear order of priority A through-the-cycle approach to disciplined capital allocation 3 Pursue Discretionary upside 2 Promise Committed uses of funds 1 Protect ▪ Organic growth capex First call on cash Short pay-back investments in existing
Slide 46: Verbio South Bend as a blueprint for disciplined capital allocation
Platform maturity Earnings power Capital allocation Q&A Verbio South Bend as a blueprint for disciplined capital allocation Verbio South Bend retrofit from traditional ethanol plant to differentiated biorefinery 3 Pursue 2 Promise 1 Protect ➢ Continuous operational excellence investments to maintain
Slide 47: Capital-light growth – leveraging the platform
Platform maturity Earnings power Capital allocation Q&A Capital-light growth – leveraging the platform Growth opportunities that do not require full ownership of assets and capital deployment Commercial expansion Deepen the value pool Partnership-led expansion Volume growth without adding production
Slide 48: Platform maturity Earnings power Capital allocation
Platform maturity Earnings power Capital allocation Q&A 48
Slide 49: Verbio SE
Verbio SE Ritterstraße 23 T +49 341 308530-0 04109 Leipzig F +49 341 308530-999 Germany info@verbio.de www.verbio.de