Good morning to everyone. It's a pleasure to be with you in the earnings results of Q1 of 2026.

This is a quarter that demonstrates the consistency of our long-term strategy. The excellence in this quarter, and we're strongly focused on continuing to build our long-term Vibra journey, focus on cash generation.

Our cash generation was significant during this quarter. The strong engagement with our network of record expansion of branded service station.

Here we're building our future. We will continue the journey to build our future.

This was marked by the Middle East conflict, which impacted byproduct prices. Therefore, we've known how to deal with the volatility and to diminish the volatility throughout the quarter.

Now, Brazil is a net importer of fuels and diesel is exposed to international price volatility. Vibra ramped up imports and helped ensure national supply.

At the end of the quarter, we had a scenario of possible scarcity, and we were able to broaden the imports and reassure supply and availability to our clients. Here we have a strategic mix that resulted in competitive costs vis-a-vis other players.

We continue focusing on equity and the distribution market, new progress against irregularity. We will continue.

Here, new progress against irregularaters in naphtha single phase and persistent debtor strength for the debtor. Because of the availability of product and high availability of our team with our network, or branded network, we believe that the consumers are looking more for a branded network and a significant growth of branded networks.

Now we have an additional 155 stations, and we advanced in the B2B strategy, and during the first quarter, we signed new contracts that would be around 50 new contracts. As I said, cash flow generation was important for us.

We were able to reduce our leverage to 2 times net debt EBITDA, and we lowered our net debt, although we had to pay JCP during the quarter. This is the consolidation of Vibra as pure play company in the sector.

Our focus on fuel and calmer business, demonstrating our ability to generate cash flow and to be prepared, Vibra is a more strong and more robust company for the future. Maurício will cover figures.

Good morning to everyone. For your participation, here are first figures of the results of Q1, an adjusted EBITDA of 3.2 billion BRL.

That is an adjusted EBITDA of 350 BRL per cubic meter. Here we had a gain, an extraordinary gain of IPI on lubricating manufacturing of 800 million reais.

We have recurring EBITDA of 258 BRL per cubic meter. This is a level above 200 BRL.

We were very disciplined in managing our margin, and this is a recurring figure of 258 BRL of cubic meters of volume, 8,737 of cubic meters, market share 23.6, and new stations, which was a record, which were 155 branded service stations. Operating cash generation 1.9 billion, excluding the EBITDA, 800 million in credits that we will offset in the future that are not a cashing.

We had a great conversion of EBITDA to cash, which lowered our leverage to 2 times net debt EBITDA. That was our target at the end of the year.

We did this on Q1, and the market has recognized what we have done, and total returns for shareholders of LTM of 108%. Now here we have the consolidated EBITDA, 3.2 million 3 3 billion.

Here this grows a 109% EBITDA, 157 of EBITDA, which is a drop vis-a-vis the first quarter last year regarding all the challenges of the renewable industry. Now operating cash flow 1.9 billion.

1.7 billion comes from Vibra, and 189 million Comerc, stable regarding the past, although the EBITDA was managed actively when it comes to cash, and we maintained the cash generation of Comerc, although the drop in the EBITDA. Net revenue 1 1 1 billion 570 in Comerc, 80 million in losses, which was a lower loss than last year, and Vibra 1.4 billion.

Now here we can see the historic series in volume year-by-year and a growth of 4% vis-a-vis the same quarter last year. This is 1.7 million cubic meter.

Adjusted expenses grew 105 BRL per cubic meter when we break out the figure, when we see the G&A with the sales expenses stable as well. What was different here was basically when we consolidate our trading, trading lost in hedge because we were buying a molecule that went up, and the hedge that was sold represented a loss.

According to the trading accounting, this is an operational expense. There was a specific impact because of the moment of the increase of the price of oil, diesel.

Therefore, there was an effect in the adjusted expenses. In terms of management and sales, it's stable vis-a-vis last year and 2 years ago.

There was no increase in these two lines. When we see the adjusted EBITDA margin, we see year-on-year consistent growth in margins, and here we have 350.

Now when we see our business, when we see the retail, we have an adjusted EBITDA of 1 billion 729, a growth of 74% vis-a-vis the Q1 last year. The volume has grown 6%, and there's a drop because this was seasonal and expected a bit.

In terms of last year, we grew in volume branded network market share, growing 1 percentage point because of all the movements in the sector for the branded stations, and because of the growth of our network with showed a record increase during this quarter. Here we have 155 new stations.

Also, the average monthly volume increased 11%. We were able to maintain the supply for our loyal customers.

New stores 7%, BR Mania, with gross merchandise volume 9%, market share 1.9 percentage points, additive fuels, additive mix of 22.3%, additivized gross profit plus 60%, and Podium gasoline volume was over 43%. I only fuel with Podium.

B2B, for instance, here we can see the gain on the IPI. There was 1.4 billion of adjusted EBITDA.

This is consolidated lubricants volume growth, also 1%. This is seasonal.

Diesel aligned with last year. Jet fuel growth as we signed new contracts with airlines, growing 11% in our market share.

Here in B2B, we see a stability of 20.9 to 29.8 TRR, a slight growth. When we see March, this is 19% of market share in TRR, because of the availability of products, and this is in a challenging moment in terms of supply not only for Brazil and the world.

When we see lubricants, we see a growth of 7% in volume. A slight drop in market share of 2 percentage points.

There has been a growth of the input, crude oil increased, the cost it more than doubled. There was a sales quota for Q1 to have products to supply our distributors and the entire market.

March was a slower month, but in April, we resumed the volume of our share. Now, this was the highest volume recorded for a quarter.

Now, renewables, there was a growth of EBITDA 28% in Comerc. Here we've reached 192 million reais and stable cash flow, operating cash flow.

Everybody knows the EBITDA impacted by curtail scenario of almost nine of 20%, and we've managed expenses, and we've grown the efficiency and origination, and we can also offset the curtailment. Now when we see capital priority allocation, where we invest our capex was 328 million BRL, 50 in renewable in Comerc, because we have focused on maintenance capex, unlike the last year where we strongly focused on growth and generation.

Here we have more maintenance, and this will not be a lower level. Also 103 million of client bonus.

This was lower if we see the run rate of last year, but we have new branded services because we have post-anticipated bonus. We've grown in terms of service station, a lot of efficiency in branded, 103 million, and also 175 million.

With this capital allocation, this is an ROE ROC, and this is the efficient capital allocation. When we see our liability, our net debt is dropping to 18.6 billion BRL.

When we say net debt EBITDA, we had 2 times, and we reached this despite the challenges of the industry. The molecule is more expensive.

Services are more expensive because we should have more employed capital. We have been very active within a scenario of a more expensive molecule.

We have accounts receivable higher and a stock higher in terms of purchases. Purchase is highly aligned with trading, and we were able to buy the molecules at a suitable price at a deadline that remained in the accounts receivable, reducing working capital.

We were positive in the entire process. This was a very challenging scenario for the market.

Our average timeline 4 years and a spread. Here we have two operations that show the liability managed.

We wanted to allocate capital with our assets positive with liability. We have good liability management to fund at a longer term and a cheaper term.

Here we have 1.5 1.5 billion in volume, the cost of CDI plus 2.20 percent, the term in 10 years. With this resource, we pay the more expensive debt.

This will appear 1.4 billion. Here we have CDI 0.2% debt that would mature next year.

We are managing this. This is the first step of an active management of the company's liabilities that will be done throughout the year to lower the cost and also the dropping the nominal value of the debt.

I talked about assets and liabilities, and now talking about the equity, the money of our shareholders, we delivered. We paid 300 million, and we were able to lower the leverage during Q4, and we declare 339 million of JCP this year.

The share have a return of 108% during the past months because we want to give good returns to the shareholders. We will hand it back to Ernesto.

Ernesto to end and to go to our Q&A. We are focusing on the long-term, leading a good operational and cultural change in the company.

We see this during Q1 of 2026.

This shows the consistency, the management model demonstrates that in different moments of the market, we continue evolving in terms of results, and we're always focused on the growth of market share and profitability because both are important. During the past quarters, we've shown our ability to grow and improve our margin.

We're very net share. We've had returns of 108% over the last 12 months with a quality shareholder base.

We will continue seeing new solutions and products, which will continue to be fundamental in building our success. We increasingly differentiate ourselves through our people and responsible care for everything we do.

With this, I bring my presentation to the end, and now we can go to our Q&A session.

Good morning, Ernesto, Maurício. My first question, I believe what is clear is during the middle of the Middle East war, how robust companies had a very important role to maintain the Brazilian market supply.

It is very important to say at very competitive prices when we see the average price of the fuel in the pump of the branded service station regarding the other. The premium of the branded station dropped significantly, which makes us think that perhaps you have a relevant headwinds to gain market share tailwinds.

I would like to know if you agree, and how do you see the market share and any other type of data that you could share with us that corroborates this? My second question would be the ethanol market.

I would like to know from you from the trading from your trading board if you see fruits reversing the price of ethanol, and how the reference shareholder is discussing the day-by-day of the ethanol operations? Falanga,

thank you for your question. Now, speaking about market share, what we can see that we will continue with a consistent trajectory of growth.

I always say we're not here for quantum leaps neither on one side on the other. We are very reassured quarter by quarter until the end of the year in positioning ourselves as a company that delivers a growth of margin through more efficiency and processes and also growth.

Therefore, we're extremely positive and reassured that we will continue growing in market share, always without great leaps of market share. Nonetheless, our journey continues, and throughout the next year, you will see a significant evolution of our market share with a relevant growth and a continuous evolution of our margins.

This is at any moment of the market. Currently, we're in the middle of a war scenario.

We've also faced more difficult scenarios, and we will maintain the balance between market and margin and market share, providing good results quarter on quarter. We are positive that our market share will grow during the upcoming quarters.

Now in the ethanol market, what we see is Vibra resuming the flexibility with Copersucar and Evolua. Evolua continues being a Copersucar company, and we have resumed the flexibility.

It's too early to talk about this, but I do believe that we are gaining momentum in order to become more competitive. We in the past months have been leaders in the ethanol market in Brazil.

We want to broaden this, and with better consequences in terms of the margin of the ethanol. As a fact, we can see the flexibility that we were pursuing, and this will become naturally better results and better margins for the company, especially greater access to the corn ethanol.

Therefore, this undoubtedly will provide us more flexibility. This is too early to see the results.

Now regarding your question regarding the reference shareholder, what we can see and what is controlled, we always pursue interesting opportunities for Vibra. These should be opportunities that provide us a competitive advantage that provide value to all the shareholders.

We will always bear this in mind in the operational arena. It's important to separate these roles.

Yes, we're looking for opportunities that are interesting for both, and if they're interesting for Vibra, we will go after the opportunities and proceed.

Thank you, Ernesto.

Good morning. Thank you, Ernesto, Maurício, for taking my questions.

I also have two questions. The first question is regarding volume.

In addition to the margins, we've seen a trend of great volumes. You added the amount of stations significantly and 50 new contracts in the B2B segment.

If you could give us more color regarding the B2B contract, how should we see these contracted volumes? Still in volume, you are already doing a great job before the war, and I would like to know from you, how do you see the branded service station market and the B2B contracts within a post-war scenario?

Another point that drew our attention of the result was the active management of your working capital. I like to ask about working capital.

During this quarter would be great consumption of working capital because the market volatility in the rise of the fuel prices. Could you give us more color regarding the measures and strategies throughout this quarter to deliver these figures regarding your working capital?

These are my two questions.

Thank you, Leonardo. I will answer the first question regarding volume B2B and pre-war post-war, and then I will hand it over to Maurício to talk about working capital.

Regarding the gain in volume, we are extremely reassured that we will continue growing. This is a continuous growth with no major leaps, but growing continuously, growing in volumes, market share in a structured way year-after-year, quarter-on-quarter.

Therefore, we're going to structure this. What do we see?

Pre-war, we already had a scenario where we were fighting irregularities. Our stations attracted more consumers because they trusted the Petrobras station, and they were suspicious regarding other stations.

We also see our resellers want our brand. This is a positive scenario, and throughout the war with the Vibra ability to service with the imports, broadened ability to service our network, well, with this, our value proposition was even more present.

What we can see today, yes, we will face tailwinds. We can face with leverage.

We had record new stations this year, and perhaps we will reach a new record this year in new stations. It was good, 155, and we continue amongst tailwinds.

Our strategy in B2B since last year, but was accelerated during Q1, is to be able to have more loyal clients not only in volume, but also to achieve stability within the margins. This B2B strategy for more contracts that will provide us more supply assurance and Now, I'll hand it over to Maurício.

Really, the natural scenario would be to consume working capital, and we started implementing a program 2 months ago, and we would deepen in all the balance line. This is a structuring program that will run in a recurring fashion, and we gave it a name.

We want everybody to specialize in the documentation, we can optimize the employed capital. Then in the middle of the way, we faced the war, we had to anticipate ourselves.

We saw that we had to increase the employed capital of the company because of the rise of the molecule. We were disciplined in regarding our client in the trading part, purchase.

We had better deadlines without compromising our price. This was a tactic during the quarter to offset the impact that we expected for in terms of increase of working capital.

Thank you very much.

Good morning, Ernesto, Maurício. Congratulations to your results.

My first question, could you give us an overlook and an update regarding the market supply, import diversification? What is timely to comment?

Also my second question, if you could update us regarding the new measures of the quarter, naphtha single phase, how you measure the effects of these evolutions on your results? I would also like to understand from the consolidation of ethanol volumes, does this already impact the margin of Q1?

Is it at the order of grandeur expected, that was 4 BRL per cubic meter? Now,

I will start by the third one. Evolua, we will see the impact on the second quarter because this ended on March 31st.

The idea here, 5 BRL per cubic meter, we have a result for equivalent, and this is incorporated in margin. We believe that we will see something better than this in the future, because we will have more flexibility, and we will be able to deal with corn ethanol regarding Evolua.

Now the market supply, from the Vibra point of view, we continue with our pace of imports, very balanced, actually. This is something that we saw since the first quarter, and we want to guarantee the supply of our service station network and our clients, and we're reassuring to have product availability and to continue servicing naturally.

We do not see any problems of lack of supply. Our clients will have the products that they need in order to continue with their operations.

Now naphtha single phase and persistent debtor, the persistent debtor, we will see effects throughout the year. The IRS initiated operations regarding persistent debtor in the cigarette market, and we will see progress in the fuel market throughout the second quarter or second semester.

Certainly, this will be an additional positive chapter that will improve the institutional environment in the country, everyone plays fairly, and this will have a positive impact on our results. This is why we continue optimistic.

This is not only because Q1 with war, we were in a trajectory of improvement in our results, be it in margin and volume, and we will continue. The impact on institutional progress on irregularities is very important.

My question here is the capex that during this quarter was slower than what is normal. Is this because of the format of branded service station, post-anticipated, pre-anticipated?

How should we expect this capex?

Thank you for the question, Gustavo. It is connected to this.

We established a policy that is pre-branded that privileges the payment post-anticipated than anticipated. This is something different in the market.

Therefore, we place less capex from the get-go, and it expands, and it grows with the increase of volume. This is a trend, this is a new standard.

We consumed less capex during Q1, and I believe that we will continue at these levels throughout the year.

Perfect. Thank you very much.

Maurício, Ernesto, thank you for taking my questions. Point number one, this is a summary.

I believe that my question is the sustainability of the margin from here on. As Ernesto quoted, and we've seen this from some time, the debate on formality and the progress in this agenda was very important for the industry, and it corroborates with the improvement and the sustainability of the margin.

There's a one-off effect, that is the war and supply, a short market. This makes the business more complex in terms of working capital with greater margins.

What I wanted to approach here and better understand is, I know it is difficult if you could break out what is the most recurrent effect on the margin from here on, and what is the nonrecurrent effect? Because we're in the middle of a turmoil, and sometimes this ends up benefiting the margin.

I don't know if I'm wrong. If you could correct me, it would be for you to elaborate on the sustainability of the margin.

Two, capital allocation. Because of the deleveraging in a scenario of higher interest rates, Comerc, well, has higher leverage, and the company has deleveraged itself quickly because of the significant and strong results during Q1 and during the past quarters.

What is important here, when I see the leverage 2 times below 2.5 times, how positive this is for the company. What about capital allocation?

How do you believe that this EBITDA is sustainable? Should we think about an EBITDA transitioning quarter-on-quarter, and leverage becoming stronger?

Or for example, the lower of the debt is important for the company. I don't know, how do you see this regarding capital allocation?

For example, paying dividends to your shareholders?

I can answer question number two. Regarding the margin sustainability, it's very difficult to separate the factors which impact a margin during any quarter, be it this quarter or other quarters.

Now what I like to analyze is the last 12 months. This amortizes all the ups and downs.

What we do know is that, yes, we are seeing better margins not only for the regular market, because we are efficient. We use AI in our internal processes, we can continue evolving and to be more efficient, lowering costs in our processes.

Here we just mentioned the ethanol acquisitions that would provide us competitive gains. There are a lot of internal processes improving.

The irregular market also is being eliminated. I believe that the war scenario will end at a given moment.

If you see the last 12 months, you can see what you can expect from us. It is difficult to separate one factor from the other when we see all the current volatility in the market.

Now regarding capital allocation, in addition to a net debt EBITDA indicator, we want to reduce the nominal debt. Here we're in the middle of interest rates of 14%, and we don't know when the interest rates will drop.

Of course, we want to have more capital in order to pay out our shareholders. When we have a lower debt level, we will be able to do this.

Now

we will pay 100 million BRL of JCP November this year. We have declared our commitment that is our liability with our shareholders.

We need cash flow and balance, and we will continue deleveraging ourselves. We will also see the opportunities at the long run, but we have to deleverage the company first.

This is our main focus.

Thank you very much.

Good morning to everyone. Thank you for taking my question.

A number of relevant points have been approached. I would like to follow up.

10 years ago, Petrobras charged above parity, and this paved the way for importers, and these importers remained in the market in a perennial way. My question here is the other way around now, regardless of the times and when the import window is unfavorable, do you believe that there are players that will leave the market?

What do you see in the market? What you see are more structured importers that will lose competitiveness in the short-term and will come back to a 100% or almost 100% of their activities?

I would like to know from you, who see the market clearly. What can you talk about the competitive dynamic and the long-lasting effects?

All of this due to the conflict in the Middle East.

Thank you for your question. In reality, what we see is a market that is a number of distributors or importers they are working with irregularities and competitive advantage that we don't have.

This is our focus to correct this, because here we believe that our business model is extremely competitive in any scenario, be it in open or closed import scenario. We are reassured that our model today between national supply, imported supply, capacity of distribution, logistics, our access to the molecule that is imported, this is a highly competitive model.

When everyone plays according to the rules, that is our effort. We do have a model that in our vision that will naturally allow Vibra to grow and to expand its margin.

Our role is to perfect this model so that we are competitive for those that play according to the rules. The market will be the market, be it closed, open in terms of imports.

We will be the most competitive player.

Thank you.

Maurício, Ernesto, good morning. Thank you for taking my question.

I will pose two questions. The first question, I would like to know from you the stock effect.

We still haven't mentioned this, and I imagine with the rise of prices in the middle of a conflict, there has been a stock effect during the quarter. I would like to know more about the effect during Q4 and the current Q, because during April, we saw a drop in import costs, which should generate a stock effect.

I would like to know about Q1 and the current quarter. What about import dynamic?

Maurício said something interesting regarding longer deadlines of imports during Q1, and this positively helped the enterprise because working capital management. How do you see this in April and May?

How have you seen the market conditions, deadline, payment for April imports and now the imports for May?

Thank you, Monique. The stock effect during Q1 was extremely low.

We didn't mention this. I think it was 2 BRL per cubic meter.

We have the imported impact, but on the lower side of our total volume, and ethanol, the other way around. Yes, the impact was very low during Q1, and during the second quarter, we do not see relevant impact.

Between ups and downs, we see an impact relatively low of the stock effect. For the time being, this has not been a great event in our results.

Now when we see imports, our trading team is extremely active all over the world. It's looking for diesel to buy, and we are very strict in our compliance.

There are vessels that are sanctioned, and we work according to the book. We buy only what we can.

I believe that this limits a bit the market, but we found cargo according to the rules, and we can negotiate better payment deadlines. May is something along the same lines.

We have good payment deadlines, and these are reliable debt sources. I see no changes, and I believe that we will continue working this way.

Good morning. Thank you for taking my questions, just a follow-up regarding the margin discussion.

Ernesto, it makes sense to analyze the past 12 months, but the volatility has been major. When we think about a number of quarter or past years, we would talk about a new margin level, 150 BRL per cubic meter.

This is no longer the case. Then the industry started talking about pursuing 200, and you deliver a quarter very close to 270, 280.

I would like to understand that this 200 that was pursued by the industry, this level would be considered normal when we think about commercial levels. Now, of course, when we consider this environment of war, can you talk about the subvention?

What do you think about subvention? Now regarding margin, thank you for your margin.

I like to say this is a quarter with atypical effects that led to this margin of 260 BRL per cubic meter, but there are atypical effects. Now what we continue pursuing is to consolidate the margin, and it is feasible to reach a margin of 200 BRL per cubic meter and consider this something that will continue and stable.

We are focused on executing and delivering. During the upcoming quarters, you will see our ability of delivering 200 BRL per cubic meter.

Now we are candidate to the subsidy program. This has not impacted Q1.

We are talking with the government authorities in order to find a pathway so that we can use these subsidies, these government subsidies, and we want a win-win situation for the government, for us. We are interested in execute this.

We are still trying to find the best path and model to execute or to see how the subsidy will be provided.

Good morning, Ernesto, Maurício. I have two questions on my side.

You've talked a lot about margin, the recurrency, the short-term effects. I would like to go back to this point, but under a different view, and to see macro, be it domestic.

Now, Vibra has captured a value because of the scale and expertise at a micro level. When you see in-house, where do you still see performance bottlenecks?

Where are you below the level? The second question, if you could elaborate on your conversations with Comerc.

You mentioned that you're seeking a definite solution like bringing a new partner. Could you update us and tell us if there has been a progress in the conversation, or perhaps this challenging scenario has created blocks?

Now,

Comerc, our focus is to operate properly with Comerc. We have no control in curtailment.

We've worked institutionally. There are the system of price formation, which is against risk, and this increases the price.

We do believe that there is a model that could reduce this fright from risk. We've worked with the government in our sector, and our focus is to work in Comerc.

Comerc in the renewable energy industry is one of the enterprises with the best balance, and we want to maximize the results of Comerc. Now in other efficiencies and results, here there are two opportunities that we will capture throughout the next quarter.

One would be a continuous evolution of logistics. There is still room for improvement for the logistics price, our ability to deliver.

We're in the beginning of the deployment of AI processes to be better and more efficient within our logistics chain. Another thing that we're mentioning is ethanol flexibility.

We will have greater capacity to sell ethanol, and we will be able to grow in terms of ethanol volumes and to improve our margins with more flexibility when we pulled out of the Copersucar joint venture with Evolua. There are opportunities that we are focusing on.

We continue focus on our operational model. Of course.

Thank you, Ernesto.

I would like to thank everyone. During this quarter, we've shown the consistency that Vibra has to deliver results.

These have been consistent quarters of results evolution. We will continue this way.

We are focused on increasing margin and growth, and we are focused on overcoming the volatility because we want our products to have fuels and products that are important for their service stations. Thank you very much.