Brava Energia (BRAV3) investor relations material

Executive summary

• Achieved record production and financial results in 2Q25, with net revenues of R$3.1 billion, Adjusted EBITDA of R$1.3 billion, and net income up 26.5% sequentially, driven by offshore operational efficiency and successful post-merger integration.

• Offshore segment, especially Atlanta and Papa-Terra, delivered significant production growth and margin expansion, while onshore maintained stable output.

• Robust free cash flow of R$1.6 billion and strong cash position over US$900 million, with accelerated deleveraging and liability management initiatives.

• Demonstrated flexibility in shipments and capitalized on US market opportunities amid international changes.

• ESG initiatives advanced, including first GHG Emissions Inventory and publication of an Integrated Sustainability Report.

Financial highlights

• Net revenues rose 9.3% quarter-over-quarter to R$3.1 billion, despite a 10.4% drop in average Brent price.

• Adjusted EBITDA increased 24% QoQ to R$1.3 billion, with a margin of 42.3%, and net income reached R$1,049.1 million.

• Lifting cost (excluding charter) fell 13% QoQ to US$14.0/boe, with offshore costs down 22% QoQ.

• Gross profit rose to R$1,066.3 million, up 21.3% year-over-year.

• Maintained positive margins in natural gas despite surplus supply and increased availability.

Outlook and guidance

• Focus on free cash flow generation, further deleveraging, and net debt to EBITDA ratio below 2 by year end.

• Ongoing cost reduction initiatives in Papa-Terra, onshore operations, and G&A.

• Offshore drilling campaigns to start in Papa-Terra and Atlanta; nitrogen EOR pilot and polymer projects in onshore.

• Phase 2 of the Atlanta project underway, with equipment procurement and subsea installation contracts signed.

• Potiguar gas downstream deal approved by antitrust authority, with closing expected in 2H25.