Risk Reward Update

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

August 17, 2026 03:21 PM GMT

Vibra Energia SA | Latin America

Morgan Stanley C.T.V.M. S.A.+

Bruno Montanari

Equity Analyst

Risk Reward Update

Vibra Energia SA (VBBR3.SA, VBBR3 BZ)

What’s Changed

LatAm Fuel Distribution & Midstream | Brazil

Updated Components

Stock Rating

Industry View

Price target

Shr price, close (Aug 14, 2026)

52-Week Range

EPS

Risk Reward for Vibra Energia SA (VBBR3.SA) has been updated

Fiscal Year Ending

Reason for change

We update our model to reflect 2Q26 results.

EPS (R$)**

Prior EPS (R$)**

Overweight

Attractive

R$41.00

R$33.60

R$36.63-17.99

12/25 12/26e 12/27e 12/28e

1.66

5.95

6.13

4.00

3.96

4.11

4.10

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

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