A good morning to everyone. It is a pleasure to be with you at this conference call in the second quarter '26, in an environment somewhat different from our São Paulo offices.

Now this quarter was marked by an evolution and a consistent strategy for the long term that Vibra is building. This is a message I would like to leave with you.

The Middle East conflict has had implications in our business, but we have a strategy for the consistency of margin evolution and long-term growth. In April, we had the election of our Board of Directors, once again voting for the continuity of management, bringing in complementary skills.

Incorporation process advancing with continuity. Now the Middle East conflict does cause pressure on the domestic market, but Vibra is working to maintain its customers supplied with responsibility.

We're maintaining our Petrobras network and our B2B customers supplied at this moment. The value proposition, we continue to make strides in the branding of stations.

We have another record: 230 new stations this quarter, 385 for the half of the year. Last year we had already reached a record 304, and were at 385 in the first half with new branded stations.

And 100 new B2B contracts totaling 160 for the half of the year. Now this comes from two very relevant aspects, not only the conflict in the Middle East and the pressure, but that combat against the market irregularities.

There is a bit of volatility in the market, but this ensures that we will have a structural continuity in the future of our margins and market share. To speak of market share, we grew in all segments year-on-year: retail network, 0.7 percentage points; and B2B, 0.8 percentage points; recurrent adjusted EBITDA margin of 456 cubic meters.

Now in operation cash flow of 3.8 billion, we reduced our net debt by 2.6 billion, reaching a leverage of 1.3 times. Once again, making the most of this moment to build a long-term strategy, deleveraging, net reduction and, as a consequence, payment of less interest rates.

That's what we're doing here. The consequence of all of this is shareholder compensation: for the first half of the year, 558 million in interest [on?]

equity, 952 million in the first half, and August, on Friday, we have an additional 499 million, totaling 1.5 billion with a 4% yield. Finally, strengthening for the long term.

This is the largest branded network. We make strides in the sector with ever-more irregularities and where our value proposition is very important for sustainability.

We want to have a more healthy balance for the coming years. With this, I will turn the floor over to Ernesto.

Thank you. To Mauricio, I'm sorry.

Here we see our consolidated results, an adjusted EBITDA of 4.5 billion, 206% growth year-on-year, a growing volume, 4% year-on-year, and very similar to last year, as we will show you further ahead. Now even in a scenario with higher prices, our volumes grow with a higher margin, market share growing and a record of branded stations in the retail market.

When we speak about CapEx and operating cash flow, we have 3.8 billion in cash. Now the capital used should be increasing.

We have a relevant aviation customer that has begun to work with us and they consumed 500 million reais in working capital, so that is why we have strong variations. We have 3.8 billion in cash used precisely for that, net debt down 2.6 billion, leading us to a leverage of 1.3 times.

In the next slide, we see this trend. The volume that had been decreasing through time has now gone through a first turning point, and this year we have a growth of 4% vis-a-vis the same period last year, and we also grew in the first half of the year.

This is a year of growth for '26. Now we have expansion of margins that had already been happening in the last few years, and this refers to the reduction of irregularities in the sector.

We have a higher price, a growth in volume, and these higher margins. Of course, does not mean we ignore discipline in cost.

In the middle, you will see the results: the expenses that have been dropping, and we have generating a hedge effect in our consolidated figures. Our expenses from cubic meter dropped from 98 to 48 in the quarter and going from 102 to 88 for the last quarters.

We continue with discipline and focus on our expenses. Next slide, please, where we show you the quality and quantity of our main businesses.

We have a new quarterly record: 230 new stations only in that quarter, reinforcing the proposal and the value proposition with the Petrobras brand. We have a total stations of 7,556, and the average monthly volume increased 12% year-on-year.

This is a natural movement with the entry of new statements, but in truth we're producing 12% more. In B2B, diesel volume increasing 7%, new supply contracts, take-or-pay, 100.

At this moment of instability, we have preferred this type of contract, and we're not going to work with bidding all the times. We sign contracts for 1 to 2 years, and our market share is 0.8 percentage points.

Now EBITDA was a record growing 90%, and we're beginning our sales in Argentina and we're going there, although the sales so far are not that relevant. At Comerc, EBITDA stake 228 million, very much in line with what we had planned.

We got to 215,000 consuming units that are reached directly by RGD, and 215,000 retail customers this year. In the free market, we have increased 568 customers compared to last year.

Priority allocation, our CapEx was 348 million in the quarter, lower than last year. In distribution in the branded networks, we're doing much more.

We're being very assertive in terms of branding our stations. We're reducing up-front capital so that we can brand our stations.

To the right, you see our return on invested capital, 27%, and the capital used year-on-year went from 24 billion to 24.6 billion. We're doing much more with the same capital.

Now of course this capital should have increased, but we did have one-time impacts with some customers, and we're working with a balance for long-term suppliers and a reduction of terms to maintain the capital used and generating more returns on the same capital. Now in terms of liabilities, this is our priority.

We see our net dropping. This is a priority.

We went from 21 billion to 16 million in the second quarter, with a leverage of 1.3 times. This debt is ever more long and at a lower cost for 5 years.

Now when we go to the next graph, we see the debt in the fourth quarter of '25. We had 9.5 million maturing until 2029.

We were able to lengthen this debt, and you will see the bars of 2033, 2034 at a lower cost, CDI plus 22, without maturities in the short term. Now when we speak about shareholder returns, we have a total return of 63% in the last 12 months, plus the proceeds that we have declared.

This is higher than Bovespa and higher than the CDI, because this is one of our priorities. This return is in the form of cash.

We have declared a payout of 24% of profit for the first half, 952 million with a cutoff in June, and the total is 1 billion 251, and 1.5 billion additional in equity payment. I would like to return the floor to Ernesto for the closing remarks.

Thank you, Mauricio. As closing remarks, we're closing the quarter structurally stronger for the long term.

This has been our effort for this year. We have a larger branded network that ensures long-term results, a network that is highly qualified, ensuring that we will have volume structurally for the long term and a much healthier balance, as Mauricio has shown you.

Cash generation in upcoming cycles will continue to drive deleveraging, strengthening our capital structure, reducing the payment of interest rates and giving us greater flexibility in capital allocation. This third point is very important because of the volatility.

The sector is evolving, it's going up to another level. We're combating irregularities through regulatory means, and I mention only one advance, something we will be taking to Congress this year for ethanol.

We're quite convinced that in the coming quarters, we will be successful in this, and this is something to enhance the regulatory system, which is changing the sector structurally. The main focus of the company has been making fuel available to all of our customers in the country with financial discipline, ensuring they have the products they need wherever they are, so that we can service all of our customers throughout Brazil.

Finally, the strengthening of our value proposition. In the coming quarters, we will continue to expand our retail and B2B customer network.

Doubtlessly, this will continue to value generation in the long term. With this, we conclude the presentation.

Good morning, Ernesto and Mauricio. Thank you for taking my questions.

We have two questions. We have observed that the margins of distribution plus resale have dropped quarter-on-quarter since the third quarter in diesel and ethanol.

Now the gas margins have stood firmly. I would like to understand what has caused this retraction in diesel margins even with very high credits if it's the return of PIS/COFINS and if the margins in gas we can consider this as something structural due to the exit of Refit.

The second question, in Rio de Janeiro, they're delivering a very formal request to the state. There will be a tax reform and many of the gas stations will have to migrate to formal brands or banners.

How has Vibra prepared for this opportunity? If you allow me a quick third question, the moment of impact on your inventories in the second quarter.

Thank you, Falanga. I'll answer the first two questions, Mauricio will answer the third.

Margins in the third quarter, you asked about this. Yes, when you look at the margins that you're following up on gas and ethanol, yes, this is something that is more structural.

It has no impact from the war, and all of this has an effect concentrated in combating the irregular market in some states like Rio de Janeiro, for example. Gas was especially impacted by the amount of irregularities happening in that state, and in other states, of course.

Now diesel is subject to volatility. When you have a relevant share of imported diesel, it tends to vary a great deal according to the international diesel price, international trading, and it has a different fluctuation.

What we're observing for the third quarter is that the margins will still be above the structural level, not at the levels we saw in the second quarter, but above the structural level. In Rio de Janeiro, this is one of the states that nowadays is going through a cleansing out of irregularities, and we see a huge movement of migration of white banners to branded stations, and they have deployed great efforts and we have been leading this process.

Of course, our figures prove this, the number of new branded stations. Rio de Janeiro will continue to be one of our foci of concentration.

In terms of combating irregularities, among this we have ethanol. This is still very important and we're going to continue on with this work.

Now structurally, what we observe is that the sector is improving. There is volatility because of the Middle East conflict, but the sector has evolved a great deal and will continue to do this.

This drives our possibility of growth and having better margins at a different margin that we had last year. When we look at this year, certainly there will be a different level of margins and inventory.

Now when we speak about the end of our stock, there is a natural movement because of the higher cost of the molecule. We had previous inventory and inventory purchased at a higher cost, and in the second quarter, we have an update in market values.

Accounts payable have increased, the price of the molecule has exists, we have a longer trading term, somewhat longer, but when we look on working days, it is still stable. This increase is due to the higher cost of the molecule.

There is a relevant data in terms of Rio de Janeiro, as the question refers to Rio de Janeiro. The price in the gas stations in Rio de Janeiro went up 70%, this is a cause for society for Rio de Janeiro.

They have growing collection basically due to the combat of these irregularities. This is all due to fuel.

Thank you,

thank you very much.

Good morning, everybody. Good morning, Ernesto, Mauricio.

Thank you for taking our questions. We also have two questions.

The first is about capital allocation and leverage. If you could recapitulate with us the part of the leverage and how we should look upon Vibra's capital allocation strategy, as you have a very high debt conversion.

What is it that you intend to do with all of the cash that you are generating? My second question, about the branded stations: you have highlighted the work that you're doing in your stations.

What is it that we can expect in terms of the expansion of the branded network until the end of the year? Which has been your strategy to better understand the high number of branded stations and the very low CapEx that you are presented and that was highlighted by Mauricio in the presentation?

I'll begin speaking about leverage and turn the floor over to Mauricio. We reached 1.3 times in terms of leverage.

We have always said that we want to be below 2 times, below 1.5 times. We need to stabilize our EBITDA and our focus has been on a reduction of net debt.

This will continue to be our focus for the second half of the year. With the interest rates in the country, our goal, of course, is to reduce our debt so that we can release more capital.

In my closing, I used a word that by reducing the debt, we have greater flexibility in capital allocation. If we have interesting projects that demand capital, good returns for the shareholders, we will consider them.

Otherwise, we will increase the distribution of proceeds payout for our shareholders. I think this is very clear for the company.

We'll always be dealt with a great deal of focus and discipline. I think the word that characterizes this is discipline.

This is important for the company's future.

Aligned with that, priority number one is cash generation and a debt reduction. We don't know how long we're going to live with those high interest rates, we need to have flexibility to be able to assess opportunities.

We will see if opportunities make sense or not, and nowadays we have a balance to do that. We didn't have that in the past, and we want to maintain that balance open, flexible.

If there are opportunities for M&A, very well. If not, we will have more dividends.

The second half of the year is doing well in terms of debt reduction and liability management. We're going to continue to reduce that debt to have that open balance either to pay more dividend or to have opportunities with high returns.

About the second question of branding, our value proposition is to continue to grow. What we observe in the market is that by combating irregularities, there's the opportunity for white banners that see more value in our value proposition.

Now ensuring that we're seeking out the best operators. Now what happens is that the consumer is rather hesitant of going to these white banner stations.

We see this in some of the KPIs that we measure. Our ability to brand more stations, paying pro forma, paying beforehand.

If there are benefits, of course, we'll do this. We will end up paying through time, but you pay a bit more.

This means you will have the effective disbursement of that value. We are maintaining our payment under control with some reductions, which seems to point that we're in the right direction.

The white banner market, there's a great search to brand with Vibra and our pipeline is quite full. Our focus ever more is the Petrobras gas stations, our branded network.

You will observe that we have grown more there, and we want all of those white banners to join us, ensuring qualification and quality of good operators, and to carry out a cleanout of our lower base, smaller stations that are no longer profitable and that have no match with our value proposition. This will take us to a significantly larger volume.

Quarter-on-quarter, our network is delivering ever more volume and this will ensure our growth.

Thank you. That was very clear.

Thank you.

Good morning, Ernesto, Mauricio. Thank you for taking our questions.

Two points here that I would like to better understand. The first is about supply.

There's been a great deal of discussion on imports and how this impacts company results, the use of subsidies. I would like to understand your vision in terms of the use of this strategy in the imports of fuel to Brazil.

Have you adopted this policy? I would like to hear a bit about the pros and cons and your perspective of this situation.

A question, perhaps it's too early to discuss this, but I have heard it on previous calls. It's always important to gain a better understanding.

It's about the brand. We have elections coming up in this coming quarter and you have a very important discussion with Petrobras about the brand, the BR brand.

Now which is the term to begin the branding process if Petrobras does not want to sign the contract with you once again? How are you getting ready for this and the possible impacts from the viewpoint of the company?

Thank you. Thank you very much.

Thank you for the questions, Gabriel. Now to speak about supply, imports, we have continued to import products, especially diesel, to service the demand of our customers, guaranteeing that the customers would have availability of products according to their needs.

We continue to import normally. As I mentioned, we're in a long-term path here.

We don't look only at the short path. We're trying to create a 5-year strategy.

Now Vibra was the first company among distributors that was willing to work with subsidies, but we made the decision so far, because of operational risks we have detected, of not making this subsidy operational. We're not using these subsidies.

We could do that if we wanted to and if we see more feasible paths to make this operational in a safe way, without putting at risk our image or the company as a whole. We might do this, but at this point in time, we're not using this.

Now regarding the brand, you mentioned the BR, the Petrobras brand. We need to reinforce our honor, our pride of being with the Petrobras brand.

Our priority is to continue on with this brand. Our contract extends until 2029 and then we have 6 years for a rebranding, we have until 2035.

This is the term that we're signing with the resellers. This gives us sufficient time to use the brand.

Of course, beginning in 2029, we would have to remove the image of some stations and advance gradually until all of our contracts have been covered. This is what we have as part of the contract at present.

Our priority is to negotiate with Petrobras. This is not the right time to do this, perhaps in 2027, 2028.

We will work on that and we always have a B plan, of course, to resolve the brand issue.

Good morning, Ernesto. Good morning, Mauricio.

I would like to further explore the topic of the growth of the B2B portfolio. You were speaking about structural gains.

If you could detail the profile of these contracts, the segments, volumes and terms, so that we can have an idea of these new B2B contracts. About the dynamic of the cleaning out of your network, how many stations offer you returns below what is expected and which are the operational changes you still need to do?

Now

to speak about our B2B portfolio and the number of contracts, typically these contracts are 2-year contracts. There's a follow-up, but typically in mid-sized customers that were more spot purchases, and we are working to enhance their loyalty, holding back products, of course.

There's a take-or-pay, obviously a minimum volume, because what we're seeking with B2B is greater stability in our sales levels to these customers, seeking higher volumes and more stable volumes. This is what we have been doing very generally with B2B, and we're going to focus on this throughout the coming quarters.

We want B2B to be more stable in terms of margins as well as volumes. Now very similar to what we have done with our retail network, where we're trying to brand stations as this gives us greater stability instead of having spot customers.

About the cleaning out of our network, Gustavo, we still have work to do, but it is highly dynamic. At the end of the year, yes, we did carry out a broader cleaning out, but it will depend on each quarter, the analysis that we do.

We do have a funnel where we begin to analyze the stations that will be eliminated, but we don't have fixed figures. Everything depends on this funnel, depends on the market reactions as well.

What I can say to you is that we no longer have that relevant figure that we had at the end of last year, for example. What we're doing now takes place month after month, quarter after quarter, to see which are the stations that will have the opportunity to leave so that we can give that room to more profitable stations.

Thank you.

Thank you very much.

Good morning, Ernesto, Mauricio. Congratulations for your results and thank you for taking my question.

I have three. The first question: what you believe to be a normalized structural margin level once that conflict will end and everything will be normalized, which would be your level of structural margin going forward?

Still speaking about margins and looking specifically at the quarter, we saw that the margins for the B2B segment was very strong, it doubled quarter-on-quarter. Now which is the role of lubricants in that margin?

The third question is about expenses. Mauricio drew our attention to an interesting reduction of expenses in the quarter in absolute terms and not only in expenses per cubic meter.

Which are the measures the company has put in place to deliver that result and if this will be the recurring level going forward?

Thank you, Monique. To speak about structural margins, if we look back 1 year, 2 years, quarter-on-quarter, consistently we have been improving our margins and we do observe an increase in pace not only for margins, but for Vibra to increase volume, already beginning last year, as Mauricio showed us.

There is a base that is improving, which is our combat of irregularities. Before the war, we had already been operating with margin levels above R$ 200 per cubic meter and we're convinced that we will be above that level going forward and structurally, because we have a union of factors: the growth of the branded network, the B2B contracts that ensure more volume, and the end of the conflict.

For those who had consistently, day after day, month after day, for those who held back the customer, they won't be cleaned out. We have a continuous evolution that is still underway in our fight against irregularity.

We're quite confident we were working with a recurring margin above R$ 200 per cubic meter before the conflict and this should continue. Now we do see a relevant impact on the B2B lubricant business.

B2B has evolved in its margins, but if we look at lubricants, there was a relevant evolution of EBITDA there. We have the presence of Marcelo Bragança as CEO of Lubricants.

It has a greater footprint, a greater presence. This will allow us to continue our growth process and margin expansion as repositioning.

We're increasing our presence in value-added products. Synthetic products, for example, represent a higher performance vis-a-vis 2 years ago, and we're seeking expressive growth that we still think is possible in this business.

I'll let Mauricio speak about expenses.

Thank you for the question, Monique. Expenses, there is no silver bullet.

It's routine, a process and governance. We hold a monthly meeting with a package.

Everybody presents to me every week what is happening in terms of forecast, cash and the volume of expenses. Now what happened in the last quarter was a one-off expense of rescissions, and, well, that gave us some savings.

We have all of the expense line items: traveling, consultancy, auditing.

We're looking at this in detail and we do think this will be a sustainable pattern of expenses. Now Mauricio has led this effort in the company offering us results, the level that you saw there, yes, should become a recurring level.

Last year, we were speaking about some of the actions we put in place, among them the reorganization that we carried out.

Thank you.

Thank you very much.

Good morning, everybody. Thank you for taking my questions.

I want to go back to that important topic of your strides in the combat against irregularities. Which is the advance that you expect in the regulatory agenda?

Which are the main pain points that you still see in the market? When do you believe this will happen, perhaps in 2027 or in the midterm, if you could speak about this in more detail?

To touch upon lubricants, which is your mindset for a faster-paced growth in lubricants and inorganic movements as well?

Thank you. The regulatory agenda, as I mentioned, is the monophase of state taxes for ethanol.

Another topic that seems to have disappeared, but that we're working on, is a mixture of biodiesel with diesel. Now the monophase in ethanol, we expect a conclusion in the first half of 2027.

It has been sent to the Congress this year. After the discussions, it should be concluded in 2027.

Now biodiesel in diesel, the mix, this depends on a supervision of the oil industry, the ANP. They have more data in terms of who is buying, who is not buying.

It will aid and abet our agenda. Another agenda that has migrated as we're working on this combat has two issues: the station that does not supply what the customer has asked for and ends up hampering the consumer, of course gaining money from this process, and the adultering of products.

These are minor crimes, but they're still pressuring, and we have to work to make sure that these new laws are being enforced in all the states. There still is a relevant fight, but the fundamental point here is that agenda that we deemed to be impossible for this country, it is now advancing relevantly in the last 12 to 18 months, and the impact of what has already happened is not something we have captured in our results.

The alternatives of growth in volume and margin for Vibra continue to be expressive, because we haven't captured everything from this combat. We have those actions that came after that: the white banner having difficulties, the neighboring station that is Petrobras will gain more volume.

We haven't fully captured the impact of this in our results. In terms of lubricants, we have a strong organic agenda for growth.

We're going towards repositioning. If you look at our volumes, it was a volatile year and our results don't reflect this.

We're repositioning the lubricant network differently. We're expanding to Argentina, we will expand to the rest of Latin America.

There are no discussions for M&A, but we're attentive to that agenda if it makes sense. Lubricants are at our core.

We do have the opportunity for relevant growth. Should we find the right opportunity with the right vectors, we will discuss it and carry out an M&A.

While we don't have an inorganic M&A, we will grow strongly in the organic field. There is the opportunity to grow in volumes, opportunity for expansion in the Southern Cone, and we will attain ever more relevant results in our lubricant business going forward.

Thank you.

Thank you very much.

Very briefly, a message for you of quite a bit of optimism, continued long-term optimism. Our branded network is growing.

We see more B2B contracts being signed. We see our balance and possibilities for greater flexibility that we'll have in coming semesters and years in terms of capital allocation.

We see Vibra well-positioned for the long term. We consistently deliver value for our shareholder.

During this period of the Middle East conflict, we have acted very responsibly with our branded network and customers to ensure everybody would have the products they needed. With this optimism, we would like to end the call and we thank all of you for your attendance.