# VAROPreem sets 2030 goal to more than double earnings as Europe faces fuel supply crunch > VAROPreem plans to more than double its 2025 earnings of about $1 billion by 2030, keeping sustainable energy at over half of total earnings. - Published: 2026-10-23T04:31:21+00:00 - Section: Business - Author: News Desk - URL: https://newsforagent.com/news/2026-10-23/varopreem-double-earnings-2030-strategy - Source: [Reuters](https://www.reuters.com/business/energy/swiss-energy-company-varopreem-looks-double-earnings-by-2030-europe-faces-fuel-2026-10-23/) ## Key takeaways - VAROPreem is targeting EBITDA of more than double its 2025 level of about $1 billion by 2030. - The company expects sustainable energy earnings to stay above 50% of total earnings through 2030. - VAROPreem aims to lift its share in aviation, marine and defense to over 15% by 2030 from 10% currently. Swiss energy company [VAROPreem](https://akta.pro/company-profiles/00048sq/varopreem) said on October 23, 2026 that it aims to more than double earnings by 2030 from about $1 billion in 2025, as Europe faces tighter fuel supply and a shrinking refining base. [Reuters](https://www.reuters.com/business/energy/swiss-energy-company-varopreem-looks-double-earnings-by-2030-europe-faces-fuel-2026-10-23/) reported the five-year growth strategy. ## VAROPreem's Five-Year Growth Strategy VAROPreem, one of Europe's largest independent refiners and renewable fuel producers, is targeting earnings before interest, taxes, depreciation and amortization of more than double 2025 levels of about $1 billion by 2030, the company said. It expects to keep sustainable energy earnings at more than 50% of total earnings rather than increasing that share, largely because it sees strong growth from defense, a sector heavily dependent on fossil fuels. "We are shifting gears from essentially transforming the business to accelerating growth," CEO Dev Sanyal told Reuters by phone. Sanyal said the macro environment is "very constructive" around biofuels, while Europe is short of fossil fuels due to a spate of refinery shutdowns. VAROPreem expects fossil fuel demand from sectors such as defense to double over the next 10 years and is looking to grow its fossil and sustainable fuel businesses in equal measure. "When you buy F-35s, they don't run on biogas," Sanyal said of the US-made fighter jets. "They run on conventional energy." VAROPreem supplies about 10% of Europe's mobility fuel demand in transport and marine across 41 countries and serves 50,000 business customers, the company said. It aims to increase its share in the aviation, marine and defense segments in the markets it currently operates in to over 15% by 2030 from 10% currently, and is targeting a 20% increase in biofuel production capacity by 2030 from 1.3 million metric tons in 2025. ## VAROPreem's Refining and Biofuel Footprint VAROPreem is a Swiss-domiciled, privately held integrated energy company operating six refineries, more than 120 terminals and an EV charging network across seven European countries, according to akta.pro [company records](https://akta.pro/company-data). The same records show the company completed the acquisition of 100% of [Preem](https://akta.pro/company-profiles/002wr6a/preem) AB in January 2026, creating VAROPreem and delivering the 2022 ONE VARO Transformation strategy 18 months ahead of schedule. That strategy, announced in 2022, targets a $3.5 billion investment programme with two-thirds committed to sustainable energies, and the company's twin-engine strategy delivers roughly half of earnings from conventional energies and half from sustainable energies. ## Earlier Steps Toward the 2030 Target In October 2026, Sanyal said the Swiss fuel market is in an exceptional situation with record prices and high import dependence, and that the 60-year-old Cressier refinery is nearly 100% utilized and covers 35% of Swiss fuel consumption, NZZ reported. Earlier that month, Reuters reported Sanyal's view that Europe's shrinking oil refining sector is benefiting from rising demand for fuel to support government defence plans. In July 2026, VAROPreem agreed to sell its 66.3% stake in Road B.V. to Hametha B.V., completing the deal on 3 July 2026, according to news.cision.com. ## What Comes Next for VAROPreem The company said it is targeting a 20% increase in biofuel production capacity by 2030 from 1.3 million metric tons in 2025, and aims to lift its share in aviation, marine and defense to over 15% by 2030 from 10% currently. ## Companies in this story - [VAROPreem company profile](https://akta.pro/company-profiles/00048sq/varopreem) · website: https://www.varopreem.com - [Preem company profile](https://akta.pro/company-profiles/002wr6a/preem) · website: http://www.preem.se - [Vitol company profile](https://akta.pro/company-profiles/0003v4g/vitol) · website: http://www.vitol.com --- News for Agent · https://newsforagent.com/llms.txt