Brava Energia (BRAV3) investor relations material

Executive summary

• Achieved record production of 91.8–92 kboe/d in 3Q25, up 6.9–7% sequentially, with both onshore and offshore segments contributing to growth and efficiency gains.

• Net revenues reached R$3,058.6 million (US$561.3 million), up 39.4% YoY and 1.2% sequentially, despite a 9% drop in Brent prices and 14% FX depreciation YTD.

• Adjusted EBITDA hit a record US$238.5 million, up 78.7% YoY, with a margin of 42.5%.

• Free cash flow was robust at US$96 million, supporting deleveraging and a strong cash position of US$1.09 billion.

• Streamlined management and completed integration of Enel Energy, focusing on post-merger optimization and cultural consolidation.

Financial highlights

• Net income for 3Q25 was R$120.7 million (US$22.2 million), impacted by non-cash financial expenses; adjusted net income was R$681.3 million (US$125.0 million).

• Lifting cost reached a historical low of US$13.3/boe, down 11.5% sequentially and 25.8% YoY; offshore at US$11.0/boe.

• Net debt/EBITDA improved to 2.3x (USD), down from 3.4x at the start of the year, with net debt reduced by 17.2% sequentially.

• Capex for the quarter was R$616.2 million (US$113.1 million), with 65% allocated to offshore projects; onshore Capex reduced by 31–34%.

• Offshore adjusted EBITDA margin reached 54.5%, up 10 percentage points YoY.

Outlook and guidance

• Focus remains on cash generation, deleveraging, and cost efficiency through 2026, with significant CapEx for new wells in Atlanta and Papa-Terra.

• No major production increases expected in 2025; incremental gains anticipated in late 2026 and early 2027 as new wells come online.

• Dividend policy remains at 25% payout of net income, with future increases or share buybacks to be considered post-2027.

• Ongoing investments in Atlanta Phase 2 and onshore EOR projects, including nitrogen and polymer pilots.

• Continued focus on capital structure optimization and operational improvements.