Slide 1: H1/Q2 2025/26 Earnings Call
H1/Q2 2025/26 Claus Sauter (CEO), Olaf Tröber (CFO) Earnings Call 12.02.2026
Slide 2: Disclaimer
Disclaimer 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 futu
Slide 3: Key figures H1 2025/26
H1 in brief Q2 financial performance Outlook Q&A Key figures H1 2025/26 Production in kt* and GWh EBITDA in € m Net debt in € m Equity ratio 45.5 Biodiesel in kt Bioethanol in kt 173.6 RNG in GWh 164.0 672 560 58.2% 58.2% 14.3 326 274 311 307 H1 24/25 H125/26 H1 25/26 H1 H124/25 24/25 H125/26 H1 25/
Slide 4: Overview Q2 2025/26: Bioethanol/Biomethane segment drives earnings
H1 in brief Q2 financial performance Outlook Q&A Overview Q2 2025/26: Bioethanol/Biomethane segment drives earnings EBITDA in € m 40 Bioethanol/Biomethane Group 30.1 30 20.8 20 15.4 10 5.8 0 Q2 24/25 Q1 25/26 Q225/26 Q2 25/26 -10 -9.5 -20 -15.3 4
Slide 5: Biodiesel segment: Stable earnings contributor
H1 in brief Q2 financial performance Outlook Q&A Biodiesel segment: Stable earnings contributor Sales in € m EBITDA in € m Production in kt 30 EBITDA margin 50.0% 400 24.1 40.0% 22.6 300 244.1 20 30.0% 223.8 200 166.9 20.0% 144.3 10 10.8% 10.0% 9.3% 100 0.0% 0 0 -10.0% Q1 25/26 Q2Q2 25/26 25/26 Q1 2
Slide 6: Biodiesel market development (Europe)
H1 in brief Q2 financial performance Outlook Q&A Biodiesel market development (Europe) Market spreads in €/t Biodiesel and rapeseed oil in €/t of biodiesel in 2025/26 400 1,300 2024/25 Biodiesel 1,200 300 Rapeseed oil 2025/26 1,100 200 1,000 100 900 0 800 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Slide 7: Bioethanol/Biomethane segment: Back to profitability
H1 in brief Q2 financial performance Outlook Q&A Bioethanol/Biomethane segment: Back to profitability Sales in € m Q1 25/26 Q2 25/26 Bioethanol Production in kt RNG Production in GWh EBITDA in € m 400 336.1 336.2 20.0 300 10.0 5.8 228.0 191.2 200 153.7 153.1 0.0 100 -10.0 -9.5 -20.0 0 Q1 25/26 Q2 Q2
Slide 8: Bioethanol market development (Europe)
H1 in brief Q2 financial performance Outlook Q&A Bioethanol market development (Europe) Market spreads in €/t Bioethanol and wheat in €/t of bioethanol in 2025/26 400 2024/25 1,100 Bioethanol 2025/26 1,000 300 Wheat 900 200 800 700 100 600 0 500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Au
Slide 9: Bioethanol market development (USA)
H1 in brief Q2 financial performance Outlook Q&A Bioethanol market development (USA) Market spreads in €/t Bioethanol and corn in €/t of bioethanol in 2025/26 300 600 2024/25 Bioethanol 200 2025/26 500 Corn 100 400 0 300 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
Slide 10: GHG quota development
H1 in brief Q2 financial performance Outlook Q&A GHG quota development GHG quota price development in €/t CO2-eq Cabinet approval Leak of a new 300 draft version Ministerial agreement: double counting will be 250 eliminated RED III 200 transposition: 1st draft 150 100 Draft adoption delayed in 2024
Slide 11: EBITDA-Guidance 2025/26 specified to upper end of forecast range
H1 in brief Q2 financial performance Outlook Q&A EBITDA-Guidance 2025/26 specified to upper end of forecast range 2023/24 2024/25 2025/26E Production Biodiesel Capacity in kt 710,000 t 710,000 t 710,000 t Capacity utilisation 89.8% 87.2% ↑ yoy Bioethanol Capacity 800,000 t 800,000 t 800,000 t Capaci
Slide 12: Competitiveness of conventional fuels increases (per tonne of CO₂-eq)
H1 in brief Q2 financial performance Outlook Q&A Competitiveness of conventional fuels increases (per tonne of CO₂-eq) GHG quota price development in €/t CO2-eq 600 Pre-2026: Double counting of advanced fuels Post-2026: No double counting 500 €/t CO2-eq of 400 conventional fuel1 400 200 Pre-2026 Pos
Slide 13: Competitiveness of conventional fuels increases (per tonne of fuel)
H1 in brief Q2 financial performance Outlook Q&A Competitiveness of conventional fuels increases (per tonne of fuel) GHG quota price development in €/t CO2-eq 600 Pre-2026: Double counting of advanced fuels Post-2026: No double counting 500 CO2 value in 912 €/t conventional fuel1 400 456 Pre-2026 @
Slide 14: Price gap between renewable fuels widens
H1 in brief Q2 financial performance Outlook Q&A Price gap between renewable fuels widens Price development in USD/t 3,000 FAME-101 HVO2 2,500 2,000 1,500 1,000 500 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Jan 25 Apr 25 Jul 25 Oct 25 Jan 26 1Fatty acid methyl ester 2Hydrotreated veget
Slide 15: Adjusting CO₂-handprint target to reflect removal of double counting
H1 in brief Q2 financial performance Outlook Q&A Adjusting CO2-handprint target to reflect removal of double counting CO2 emission reduction in million metric tonnes (calculation methodolgy follows German Regulation) o Represents CO₂-saving potential of all major Verbio products incl. double countin
Slide 16: North America: Positive market developments
H1 in brief Q2 financial performance Outlook Q&A North America: Positive market developments • Trade-policy-supported exports strengthening demand • Renewed push for year-round E15 approval supports domestic blending • New draft 45Z guidance provides greater regulatory clarity 16
Slide 17: 2025/26 Q&A
H1 in brief Q2 financial performance Outlook 2025/26 Q&A Q&A 13
Slide 18: Point of contact
Point of contact Ulrike Kurze Alina Köhler Marketing & PR Investor Relations Ritterstraße 23 (Oelßner‘sHof) Ritterstraße 23 (Oelßner‘sHof) 04109 Leipzig 04109 Leipzig E-Mail: pr@verbio.de E-Mail: ir@verbio.de 14
Slide 19: 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