Enauta Participações (ENAT3) investor relations material

Executive summary

• Achieved significant operational progress in 2Q24, including first oil from FPSO Atlanta and resumption of FPSO Petrojarl I production after 27 days of maintenance downtime; integration and share exchange with 3R approved, with joint operations commencing in August and synergy initiatives underway.

• Issued R$2.7 billion in domestic bonds, extending amortization to 6 and 10 years, improving capital cost and liquidity.

• Decision made to discontinue FPSO Cidade de Santos purchase; acquisition of Uruguá-Tambaú and Parque das Conchas fields continues.

Financial highlights

• Net revenue for 2Q24 was R$554 million, down from R$816 million in 1Q24 and up from R$420 million in 2Q23.

• EBITDAX reached R$293 million, with adjusted EBITDAX (excluding non-recurring items) at R$381 million (69% margin).

• Net loss of R$219 million in 2Q24, compared to net income of R$209 million in 1Q24 and R$41 million in 2Q23.

• Free cash flow was US$41 million, a sequential increase, and adjusted cash position reached R$6.9 billion as of June 2024.

Outlook and guidance

• Positive free cash flow expected in 3Q24, supported by the return of Atlanta Early System production and completion of FPSO Atlanta financing.

• Integration with 3R to create one of the largest independent oil and gas companies in Brazil, with expected synergies exceeding US$1 billion in net present value.

• Remaining 2024 capex for Atlanta's Definitive System is US$206 million, including US$20 million for Oliva; approval for Atlanta Oliva project expected in Q4 2024, with production start targeted for early 2027.

• Manati production expected to resume in 3Q24 following operator maintenance.