Verbio: Another EBITDA Guidance Raise - Another Strong Update

研报英文原文证据摘录

Verbio: Another EBITDA Guidance Raise - Another Strong Update

Deutsche Bank

Research

Rating Company Date

Buy Verbio 28 May 2026

Breaking News

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 26 May 2026 (EUR) 38.70

VBKG.DE VBK GY GER VBKG

Price Target (EUR) 42.00

Oil & Gas

52-week range (EUR) 45.80 - 9.09

Refining & Marketing

Another EBITDA Guidance Raise -

Valuation & Risks Another Strong Update

Manuela Stuerzer

Second EBITDA Guidance Raise Research Associate

Verbio has announced a significantly upgraded EBITDA guidance for FY25/26, +49-69-910-11086

now guiding for €160m-180m (previously the upper end of €100m-140m; DBe at

Michael Kuhn

€143m). The new guidance includes a reversal of inventory write-downs of less than Research Analyst

€20m, which partially explains the uplift beyond our forecast. +49-69-910-46002

This higher guidance is attributed to:

n Positive Business Performance & Strong Ethanol Market: The primary

reason for the increased forecast is the company's strong operational

performance. This has been significantly supported by a favorable ethanol

market environment that is providing strong profit margins .

n Reversal of Inventory Write-downs on GHG Quotas: Management Board

anticipates a reversal of a previous write-down of less than €20m. This is

related to GHG quotas held in inventory. Due to a recent political decision,

these specific quotas can now be utilized in the 2027 quota year. The

amount of this value recovery is limited to the original production costs of

the quotas .

The guidance is presented as a range to account for the continued dynamic

geopolitical environment.

The forecast for net financial debt remains unchanged, with an expected reduction

to below €140m by the end of the financial year.

RED III Drives Up German Quota Prices