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Brava Energia (BRAV3) investor relations material
Brava Energia Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record production of 92,000 barrels per day (91.8 kboe/d), up 7% quarter-over-quarter and 77.5% year-over-year, with both onshore and offshore segments contributing to growth.
Net revenues reached BRL 3.06 billion (US$561 million), up 39.4% year-over-year, despite a 9% drop in Brent prices and 14% FX depreciation year-to-date.
Adjusted EBITDA hit a record US$238 million (R$1,299.6 million), up 78.7% year-over-year, with margin expanding to 42.5%.
Free cash flow was robust at US$96 million, supporting deleveraging and a strong cash position of US$1.09 billion.
Integrated Enel Energy and restructured management, reducing statutory officers and managers.
Financial highlights
Lifting cost reached a historical low of US$13.3/boe, down 12% quarter-over-quarter and 25.8% year-over-year; offshore at US$11.0/boe.
Net debt/EBITDA improved to 2.3x (USD), down from 3.4x at the year's start.
Capex for the quarter was R$616.2 million (US$113.1 million), with 65% allocated to offshore projects; total Capex decreased 19% quarter-over-quarter.
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).
Gross profit reached R$896.8 million (US$164.6 million), down 15.9% sequentially due to higher depreciation and amortization.
Outlook and guidance
Focus remains on free cash flow generation, deleveraging, and operational efficiency through Q4 2025 and into 2026.
No major production increases expected in 2025; significant gains anticipated in late 2026 and 2027 with new wells at Papa-Terra and Atlanta.
CapEx for 2026 will be high due to drilling campaigns, with a reduction expected in 2027.
Onshore EOR projects to continue, including nitrogen and polymer pilot projects.
Continued focus on cost efficiency, capital structure optimization, and deleveraging.
Brava's Capex strategy for growth vs. cash
Impact of recent liability management on debt cost
Key drivers for offshore lifting cost variations
What is the impact of accurate BSW data reporting for Atlanta?
Onshore production recovery post-ANP audit plan?
Deleveraging pace and dividend policy outlook for 2027?
How will 2026 CapEx affect deleveraging pace?
Atlanta BSW reporting change impact on data?
EOR pilot projects: expected impact and timeline?
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